PayPal has officially announced that it will enable cryptocurrency exchanges to customers in the UK.
Today, we are announcing the launch of a new service that will enable eligible customers in the UK to buy, hold and sell #Cryptocurrency directly from their PayPal account. Terms apply. pic.twitter.com/RG5xoqlHmr
— PayPal UK (@PayPalUK) August 23, 2021
The announcement states that a new service is being launched to allow UK customers to buy, hold and sell cryptocurrency directly from their PayPal account.
The service was first launched in the U.S. in November last year. It was immediately a huge success, so much so that it is presumed it may have played a significant role in the formation of the early 2021 mini speculative bubble in the price of Bitcoin.
So far, it was only enabled for U.S. customers. However, over the months, the company has also added the one related to cryptocurrency payments, announcing that it would also enable cryptocurrency deposits and withdrawals at a later stage.
The service is mainly based on the PayPal app, but it turns out to be active on the website as well.
Initially, it only allowed users to buy cryptocurrencies with fiat money stored in their PayPal account and then eventually resell them. At the same time, the custody of the tokens was entrusted to a third party.
Then, however, users who had purchased cryptocurrencies on PayPal were given the option also to use them to fund payments, with automatic and immediate exchange into fiat currency.
This way, you can use the cryptocurrencies you have on deposit in your account to pay anywhere PayPal is accepted as a means of payment.
The further development will be the ability to withdraw cryptocurrencies from your PayPal account, send them to a proprietary wallet, or deposit cryptocurrencies from your own wallet to PayPal to use them on their platform.
Meanwhile, after its success in the U.S., the company is also starting to enable these services abroad.
At this time, the service is not yet active in any European country, and the British will therefore be the first Europeans to use it. It is not yet known when the service will be extended to customers in other states, but it is plausible that sooner or later, it will be extended a bit to all those countries where PayPal is active.
Cryptocurrencies debut on PayPal UK
The service will be activated this week in the UK, and Its customers will be able to start using it in the coming weeks.
The service starts rolling out this week and will be available to all eligible customers in the coming weeks. It will feature #Bitcoin, #Ethereum, #BitcoinCash and #Litecoin directly within the PayPal digital wallet. Details here: https://t.co/zdvT4AwXit
— PayPal UK (@PayPalUK) August 23, 2021
Customers will be able to choose from four cryptocurrencies, BTC, ETH, LTC, and BCH.
PayPal’s vice president and general manager Blockchain, Cryptocurrency and Digital Currencies, Jose Fernandez da Ponte, 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. 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.”
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