PayPal Introduces Cryptocurrency Service in the UK

Key Takeaways

  • PayPal will now allow UK customers to buy, hold, and sell digital currencies
  • This move will be the first international expansion of the company’s crypto product 
  • PayPal is one of the few companies that are diving into the unregulated crypto market

PayPal has announced the launch of its cryptocurrency service in the UK. The company said that customers in the UK can now buy, hold, and sell digital currencies from this week. 

This is the company’s crypto product’s first international expansion, which was launched in the U.S last October. PayPal’s General Manager for blockchain, digital currencies, and crypto said that he expects the product to do well in the UK after a successful rollout in the U.S.

SEE ALSO: PayPal Announces Launch of Omnichannel Solution PayPal Zettle in the U.S.

More details on PayPal’s Crypto Service

The company’s crypto service will allow customers to buy or sell bitcoin, litecoin, bitcoin cash, and ethereum for just £1. In addition, users will be able to track crypto prices in real-time and explore educational content related to the cryptocurrency industry. 

PayPal is depending on Paxos, a New York-based regulated digital currency company to facilitate crypto transactions in the UK. PayPal said that it has been working with a bunch of UK regulators to roll out the crypto service. 

Growing Crypto Adoption 

The newly launched crypto service has similarities with that of UK fintech firm Revolut. Similar to Revolut, PayPal customers will not be able to transfer their crypto holdings to other applications. 

However, very recently, Revolut is testing a feature that allows users to withdraw bitcoins to their personal wallets. 

PayPal’s penetration into the UK’s crypto market has led to simpler market participation for customers. 

Despite a lot of uncertainty, a lot of financial companies are venturing into unregulated crypto markets. In the current scheme of things, money laundering, consumer protection, and price volatility are some of the key areas that need to be addressed. 

Although PayPal kick-started with crypto trading, it believes that digital currencies will take over the e-commerce market in the near future. Earlier in the year, the company PayPal allowed U.S. consumers to pay its online merchants using cryptocurrencies. 

SEE ALSO: Space-X Will Accept Dogecoin as Payment for DOGE-1 Lunar Mission

Feature Image Source: rawpixel.com

 

Karandeep V

Karandeep was born in Pune, Maharashtra, an upcoming metropolitan city in the Western region of India. While most members of his family are engineers, he had different ideas. He was more inclined toward exploring the non-technical aspects of a business, which is why he studied Bachelors of Business Administration at Symbiosis International University, Pune.  Having said that, his love for new and upcoming technologies remained intact, which is why he has written extensively about technology throughout his career. After a brief stint with a gaming company at the beginning of his career, he discovered that his love for writing was not temporary.  Being a tech geek, he always liked installing and playing around with new applications on his mobile devices and the home desktop. He was fascinated by how technology can simplify even the most mundane and complex tasks with just a few commands. He keeps a close eye on how businesses use different tools to streamline their operations to boost productivity and efficiency.  At ToolsMetric, he writes product reviews that cover the main features and specifications of different enterprise applications. The sheer amount of innovation and hard work that goes into building these tech solutions is one of the reasons why Karandeep loves reviewing these tools. Besides product reviews, he also writes interesting news articles and blogs that track the latest developments in the tech industry.  When he is not writing, you can find him rooted to his seat playing video games, watching movies, or supporting his favorite football team. Since his childhood, he has always loved to travel and explore new places. Traveling is a major part of his life due to a myriad of reasons such as experiencing new cultures, food, and traditions. His other hobbies include playing football, cooking, and running.  You can find him on LinkedIn here.

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