Paypal Bringing Cryptocurrency To UK

With over 403 million active accounts globally, the San Jose, California-based company Paypal, is one of the largest mainstream financial companies to offer consumers access to cryptocurrencies.

In early 2021, PayPal launched cryptocurrency buying and selling in the United States, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.

Now PayPal is to allowing users in the UK to buy, hold and sell cryptocurrencies through the payment platform.

Initially four types of cryptocurrencies will be allowed.

  • Bitcoin
  • Ethereum
  • Litecoin 
  • Bitcoin Cash

Real-time currency prices will be showing in the platform in the crypto tab section for the users. 

The new service itself is very much like PayPal’s U.S. offering, with one notable exception. 

PayPal told us it’s tailoring the transaction limits for its U.K. customers. At launch, the maximum amount for any single crypto purchase is £15,000. The maximum amount for purchases over a 12-month period is £35,000. In the U.S., the company had initially launched the service with a $20,000 weekly purchase limit. But it upped that to $100,000 in July and dropped its annual purchase limit.

Cryptocurrency will also be a key feature in PayPal’s forthcoming “super app,” which is due to roll out over the next several months.

Company has not announced when it would expand its other cryptocurrency services to the U.K., including its more recently launched “Checkout with Crypto,” which allows customers to checkout using their cryptocurrency at millions of online businesses by first converting into fiat currency the crypto needed for the transaction. Instead, PayPal wanted to first learn and observe how its U.K. customers adopt the new offering to buy, hold and sell cryptocurrency before rolling out more features and functionality.

By the end of 2021, many users are anticipated to use this service in UK. 


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