Cryptocurrency is the talk of the town everywhere right now. The hype has taken over the world by storm amid the COVID pandemic and several people across the world want to own cryptocurrencies.
If you are in this crypto train for profits in the UK, then there is news for you as PayPal now lets users in the UK buy, hold and sell cryptocurrency. This is the first such announcement to be made by PayPal outside the US.
Notably, PayPal first rolled out support for cryptocurrency in the US last fall alongside Paxos Trust Company. Later, PayPal-owned Venmo also added support for cryptocurrency.
Support for cryptocurrency in UK
From now, the company will allow customers in the UK to choose between four types of cryptocurrencies, including Bitcoin, Ethereum, Litecoin and Bitcoin Cash. These can be purchased using either a connected bank account or a debit card.
UK customers can purchase cryptocurrency via the PayPal website or mobile app. They can choose from preset purchase amounts or enter another amount of their choice. As per PayPal, users can buy as little as £1 of cryptocurrency. However, there will be some transaction fees and currency conversion fees while buying and selling cryptocurrency and these will be based on the amount of cryptocurrency being bought or sold.
This service in the UK is similar to what is available in the US. The only difference is that there will be some transaction limits for the UK customers. Notably, the upper limit on transactions for single crypto purchase is £15,000 at the beginning. The same for purchases over a 12-month period will be £35,000.
PayPal has chosen the UK as the first international market for its expansion as it is a fintech hub. Also, UK is its second largest global market with a sizable customer base.
With the rollout of the buying and selling of cryptocurrency in the UK, the digital currency will be a key feature in PayPal’s super app, which is slated to be rolled out in the coming months.
As of now, PayPal has not revealed if the service will be rolled out to other markets or if there will be other cryptocurrency services added for the UK users.
Besides supporting cryptocurrency via its own apps, PayPal’s venture capital arm has also made a number investments in crypto companies including cryptocurrency risk management software TRM Labs, digital asset trading infrastructure company Talos and crypto tax software company TaxBit.