Home
News
PayPal has started its crypto service for the first time outside the U.S. The service is for UK customers who can now pay via crypto. They will be able to buy, sell and hold four cryptocurrencies.
This might have been good news for the crypto enthusiasts in the UK as PayPal has started its crypto services in the country. The customers can now buy, sell and hold as many as four cryptocurrencies in their wallet. They are Bitcoin, Ethereum, Bitcoin Cash and Litecoin. Customers can purchase the crypto with as little as one pound worth of the cryptocurrencies using their bank account, PayPal balance, or debit card via the crypto tab on PayPal’s website and app.
Crypto service in the UK
The UK has become the second nation to access these services. The first to experience the service by PayPal was the U.S. which started the service in October 2020. The same four coins are offered to U.S. customers. As per the release, the digital payments giant PayPal will not charge any fees for holding the coin but will charge the currency conversion fees and any transaction. Though the free structure is not known yet. However, in the U.S. PayPal charge 50 cents for purchases under $25 to 1.5% of transactions for purchases over $1,000.
The process of the roll-out in the UK will begin this week and should be available to all the eligible customers in the next few weeks. Before opting for the services by PayPal, customers need to verify their identity with them to be eligible. Corporate PayPal accounts are not accepted.
Crypto can’t be transferred
Customers are also not allowed to transfer their crypto to other wallets. Only cryptocurrencies through the PayPal app can be used. But the company is also working to change that- at least in the U.S., as is competitor Robinhood. Dan Schulman, CEO of PayPal said that the crypto will become part of the super app, which will cover shopping, financial services and identification.
PayPal expansion history
When PayPal launched its service checkout with crypto, it allowed its US customers to pay merchants in cryptocurrency. In April, the company also launched a crypto service for its Venmo, mobile payment service app. PayPal has been on an expansion spree and has partnered with many companies in the past to offer the digital payment service.
Last year in July, PayPal partnered with Paxos Crypto Brokerage to offer its crypto payment services and in March 2021 the company acquired an Israeli start-up company Curv. Curv helps the banks and others to secure their crypto holdings for nearly $200 million. PayPal has also invested in TRM Labs, a cryptocurrency risk management software, TaxBi a tax software and Talos, a transaction infrastructure company.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
