All UK residents can buy, sell and hold cryptocurrencies on PayPal starting today. The UK is PayPal’s most established country in Europe with 2 million monthly active users.
PayPal confirms UK rollout
PayPal confirmed this Friday, September 17, the full deployment of its crypto service in the UK. Users are now free to buy, sell and hold 4 different cryptocurrencies directly from their account.
The UK is the second nation to have access to these services after the giant rolled it out in the US in October 2020. The solution doesn’t include a large number of crypto-currencies, as only four are available – Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). UK customers will be able to purchase these cryptos using their bank account, PayPal balance or credit card.
PayPal does not charge customers for storing its customers’ cryptocurrencies. However, the company does charge trading fees ranging from GBP 0.5 for purchases under $25 to 1.5% for conversions over GBP 1,000.
PayPal wants to expand its crypto services
PayPal relies on blockchain infrastructure provider Paxos to manage its cryptocurrency-related operations. That suggests the company could also rely on Paxos to manage integrations with third-party wallets, but it could also build the infrastructure itself with the help of Curv, a cryptocurrency custody service acquired by PayPal earlier this year.
PayPal also has plans to offer other dedicated cryptocurrency services in the coming months. Indeed, the American company wants to launch a “super app” with some crypto features Dan Schulman, CEO of PayPal had said.
“We continue to be very pleased with the momentum we are seeing on cryptocurrencies and our super app will obviously have features in this area.”