PayPal to allow the purchase of cryptocurrencies in the UK

PayPal confirms its interest in cryptocurrencies

The announcement was made today in an official press release. Starting this week, UK residents will be able to buy, hold and sell cryptocurrencies directly through PayPal.

The move marks a major milestone for the American behemoth, after it began offering digital asset services just a year ago.

UK customers will be able to buy crypto-currencies worth as little as £1 ($1.3) using their bank account, PayPal balance or debit card. A dedicated tab will be added to PayPal’s website and mobile app.

The UK is the second nation to get access to the services after the digital payments giant rolled it out in the US in October 2020. It offers the same four assets as it does to US customers – namely Bitcoin (BTC), Ether (ETH), Litecoin (LTC) or Bitcoin Cash (BCH).

On the same topic – PayPal about to launch its crypto “super app” – What will it contain?

Over 2 million potential new investors

In its statement, PayPal explains that the move towards digital, and in particular the adoption of digital payment systems, has been greatly accelerated by the global pandemic. For Jose Fernandez da Ponte, general manager blockchain at PayPal, the American giant has a duty to accompany this transition:

“Our global reach, expertise in digital payments and knowledge of consumers and businesses, gives us the unique opportunity, and responsibility, to help people in the UK explore crypto-currencies.”

In addition, PayPal is aware of the growing need to regulate the cryptocurrency industry. Da Ponte is committed to working collaboratively with regulators in the UK and around the world. He wants to “make a significant contribution to shaping the role that digital currencies will play in the future of global finance and commerce.”

This new initiative is undeniably a huge vector for the democratization of Bitcoin and cryptocurrencies in general. According to the latest figures, the UK is the European country where PayPal is the most established with over 2 million monthly active users.

Also check out – Payment giant PayPal is reportedly considering launching a stablecoin

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About the author : Lilian Aliaga

PayPal to allow the purchase of cryptocurrencies in the UK

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Freelance writer located between Paris and Toulouse. I want to share my passion for the world of crypto-currencies with as many people as possible. I am also interested in technical analysis and trading.
All articles by Lilian Aliaga.