PayPal launches UK support for crypto services

PayPal has launched an extended selection of services to customers in the UK, including being able to buy, sell or simply store Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

More currencies may be coming down the pipeline as well. PayPal will enable customers to make purchases worth even £1 with their bank account, debit card or PayPal’s existing balance. All operations may be carried either through the mobile app or the website directly.

The UK has become the second country to receive access to PayPal’s comprehensive crypto services after the product first launched in the US back in October. PayPal allows users to HODL cryptocurrencies, but it will charge users for conversion fees and transactional fees.

For the time being, PayPal does not allow customers to transfer cryptocurrencies to other wallets, but it may be working to change that. Earlier this month, Robinhood confirmed that it’s also working on a new crypto wallet that will allow off-loading from its platform, but said that some challenges still persisted.

PayPal is hoping to empower its own app and allow customers to use their crypto and FIAT balance on any online shop. Even though PayPal is happy to be a facilitator of crypto payments, it is not going to convert any part of its portfolio into crypto.

Coinbase, on the other hand, decided to up the amount it invests in crypto as a further commitment to the market’s growing strength. You can spend your digital currencies on, 1xBit or FortuneJack games.


Updated: 08/23/2021 — 13:00