PayPal Introduces New Cryptocurrency Services in the UK

PayPal is introducing a new service allowing customers in the UK to access cryptocurrency securely. This is PayPal’s first expansion of its cryptocurrency service beyond the U.S. The service also aims to encourage customers to study the opportunities and risks associated with cryptocurrency.

The service supports access to four types of cryptocurrencies – BitCoin, Ethereum, Litecoin and BitCoin Cash. The feature is accessible through both the website and the mobile app by navigating to the new crypto tab, includes educational content, and allows users to check real-time crypto prices and other information.

Customers may choose to buy as little as £1 of cryptocurrency. Transactions are funded by users’ bank account or debit card, therefore, in case of selling cryptocurrency, funds are available to spend instantaneously in the PayPal account. Holding crypto in the account is free, transactions however do come with fees.

PayPal also provides educational content to encourage a responsible approach, presenting the ecosystem, processes, risks and opportunities, while also suggesting further research areas.

“The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitisation of money and greater consumer adoption of digital financial services,” said Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal. “Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. 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.”

PayPal is rolling out its new offering this week and will be integrated for all eligible customers within the next few weeks.