UPDATED 16:25 EST / AUGUST 23 2021

BLOCKCHAIN

PayPal expands its cryptocurrency service to the UK

PayPal Holdings Inc. announced today the launch of a new service that will allow customers in the United Kingdom the ability to buy, hold and sell cryptocurrency within its app.

According to the company, the new service will roll out this week and customers will gain access to four different types of cryptocurrencies: bitcoin, Ethereum, Litecoin and Bitcoin Cash. This represents the first international expansion of the company’s cryptocurrency product since the company launched the service in the United States in October.

“We are committed to continue working closely with regulators in the U.K., 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,” said Jose Fernandez da Ponte, vice president and general manager of blockchain, crypto and digital currencies at PayPal.

Users will be able to view real-time cryptocurrency prices from within the PayPal app and access cryptocurrencies. Trades start at £1. It does not cost anything to hold cryptocurrency in PayPal accounts, but there is a transaction fee for conversions and trades.

Upon launch, U.K. customers will be able to make a maximum single crypto purchase of £15,000, with a maximum of £35,000 in a 12-month period. In the U.S., PayPal initially limited $20,000 per week, but changed it in July to $100,000 per week and dropped the annual purchase limits.

It will not be possible for users to move their cryptocurrency out of their accounts to other wallets. Crypto bought can only be sold through the app and proceeds go directly into the user’s in-app balance.

PayPal also included educational content to help users understand the cryptocurrency ecosystem — including volatility, risks and opportunities related to buying, selling and trading cryptocurrency.

In the U.S., PayPal has focused on adding numerous cryptocurrency features to its app. In March, PayPal announced “Checkout with Crypto,” enabling customers to use cryptocurrency to buy items at retail locations alongside other payment methods. And in April, PayPal introduced crypto services in its mobile payment service Venmo in the U.S. as well.

In the U.K., PayPal’s new crypto service will begin rolling out this week and will become fully available to all customers within the next few weeks for all eligible customers.

Image: PayPal

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