PayPal to allow buy, hold and sell crypto in the UK
PayPal has launched a new service that enables its UK customers to buy, hold and sell cryptocurrency with the app itself.
This new service will allow a secure transaction for cryptocurrency and provide resources for its customers to research and learn about crypto opportunities and risks. This service is PayPal crypto’s first international expansion beyond the US. This new service will start to roll out from this week onwards.
PayPal will give its customers four cryptocurrencies types to choose from Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. Costumes can access the crypto resources from their PayPal account via the mobile app or website. They can also view real-time crypto prices in the app.
The Vice President and General Manager of Blockchain, Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte has said at this event, "We are committed to continue working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”
How to buy, hold and sell crypto through PayPal?
PayPal customers can buy even £1 of cryptocurrency through PayPal just to start. In the PayPal app, a new crypto tab will be included to view the cryptocurrencies available and their current pricing and trends.
Customers first need to enter their purchase amount or they can also choose from pre-determined purchase amounts. After that, they will be prompted to buy the cryptocurrency of their choice. Customers can make payments for the purchase from their bank account or through a debit card. For those customers who want to sell crypto through PayPal, the amount will be made available through their PayPal account.
No holding fees will be applicable for those who want to hold their crypto. However, transaction fees and currency conversion fees will be applicable for buying and selling cryptocurrencies through PayPal.
PayPal had announced last October that it would allow its U.S. customers to buy, hold and sell cryptocurrencies. PayPal had come up with the 'Checkout with Crypto' feature this March that enabling its US customers to use their cryptocurrency to make various business purchases around the world. PayPal had also launched crypto services on its mobile payment service Venmo in the U.S this April.
PayPal has also been exploring the digital currencies potential through partnerships with regulated and licensed cryptocurrency platforms and with several other central banks around the world. PayPal has been focusing on and investing resources in its internal blockchain research team for the past five years to explore the next generation of digital financial services infrastructure and enhancements its customer experience.
CBW - External Analyst