PayPal has opened to UK customers the ability to buy, hold and sell cryptocurrencies.
Today, we are announcing the launch of a new service that will enable eligible customers in the UK to buy, hold and sell #Cryptocurrency directly from their PayPal account. Terms apply. pic.twitter.com/RG5xoqlHmr
— PayPal UK (@PayPalUK) August 23, 2021
This is the first expansion of the company’s digital assets service beyond the United States, where it has been operating since October 2020.
Through their accounts, UK PayPal users can conduct transactions with Bitcoin, Ethereum, Litecoin and Bitcoin Cash. They will also have access to educational content.
«Our global reach, experience in digital payments and knowledge of consumers and businesses, combined with strict security and compliance controls, give us a unique opportunity and responsibility to help people in the United Kingdom explore cryptocurrency», — said Jose Fernandez da Ponte, PayPal’s Vice President.
The company provided access to digital assets in partnership with Paxos.
Earlier in March, PayPal announced a Checkout with Crypto service, which allows customers in the US to use cryptocurrency for payments.
In April, the company added the ability to buy and sell digital assets in the Venmo mobile service.
In May, Jose Fernandez da Ponte stated that PayPal is developing a feature to withdraw cryptocurrency to external wallets. For now, users do not have such a capability.
In July, CEO Dan Schulman stated that PayPal will launch its own crypto wallet within a few months.
In the same month, the firm raised the limit on buying digital assets for US customers to $100,000 per week, and announced plans to roll out the service to the UK market.
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