July 2, 2022
  • July 2, 2022

PayPal launches cryptocurrency payments in UK

By on August 23, 2021 0

PayPal users in the UK will be able to buy, hold and sell cryptocurrencies as the company seeks to offer more payment methods.

UK users will be able to start buying or selling from just £ 1, with the site also offering real-time price tracking and advice on the latest crypto news.

Major cryptocurrency offerings such as Bitcoin, Ethereum, and Litecoin will all be available to users, with New York-based Paxos providing the back-end infrastructure.

Launch of PayPal cryptography

This is the first international expansion of PayPal’s digital currency offering after an initial launch in the United States in October 2020, which allowed its US customers to buy, store and sell Bitcoin and a handful of other cryptocurrencies. The caveat is that customers are not allowed to withdraw crypto from the PayPal system, for example in a cold storage wallet.

“It works very well in the United States,” said Jose Fernandez da Ponte, general manager of PayPal for blockchain, cryptocurrencies and digital currencies. CNBC. “We expect it to go well in the UK.”

PayPal hopes the move will encourage more people to explore the world of cryptocurrencies and open up new horizons for its own money transfer services.

“Tokens and coins have been around for a while, but you had to be a relatively sophisticated user to be able to access them… having that on a platform like ours is a really good entry point.”

Noting that digital currencies are becoming a popular topic of conversation for businesses and governments around the world, da Ponte added that PayPal still expects it to take some time for all regulatory issues to be resolved.

However, the company still plans to expand the product line to other markets, after seeing successful launches in the US and UK.

“We’re very determined to start with the initial functionality and then we’ll see where the market takes us. Different markets have different appetites for products. da Ponte noted.

PayPal bolstered its cryptocurrency offering with the acquisition of specialist security firm Curv in March 2021, the Tel Aviv-based startup promising to protect its customers’ digital assets through an innovative method of cryptography.