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Gloucestershire Business News

Paypal launches cryptocurrency service in UK

Paypal has announced the launch of a new service enabling its customers in the UK to buy, hold and sell cryptocurrency using PayPal.

The new service starts rolling out this week and marks the first international expansion of Paypal's cryptocurrency service beyond the United States.

Customers can choose from four types of cryptocurrencies—Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

By accessing their PayPal account via the website or the mobile app, they can view real-time crypto prices, access educational content to help answer commonly asked questions, and learn more about cryptocurrencies, including the opportunities and risks.

Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal, said: "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.

"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."

Customers can start by buying as little as £1 of cryptocurrency through PayPal.

Customers can choose from pre-determined purchase amounts or enter in their own purchase amount, before following the prompts to buy the cryptocurrency of their choice. Customers will be able to fund their PayPal account for the purchase using their bank account or debit card.

There are no fees to hold cryptocurrency in a PayPal account. There are transaction fees and currency conversion fees for buying and selling applicable cryptocurrencies.

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