- PayPal is expanding its crypto services to its UK consumers.
- The supported cryptocurrencies are Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Global payment company PayPal is now extending its crypto services to customers in the UK. The crypto offering would begin this week and will be available to all PayPal customers in the UK over the coming weeks. The PayPal rollout to UK customers is a part of the payment company’s expansion plan.
PayPal launches crypto services in the UK
With PayPal’s first international expansion of its crypto services, UK customers will be able to buy, sell and hold cryptocurrencies. According to PayPal, there would be four crypto assets available on the crypto service. They are Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). PayPal stated that its UK consumers would be able to transact as little as £1 in any of the supported cryptocurrencies. Interested persons can buy any of the supported crypto assets online or via the mobile app.
PayPal has made clear that its UK customers need to verify their identities to be eligible for the crypto services. Unfortunately, although the crypto service is available to all customers, business accounts are not eligible to use the service.
PayPal’s vice president and general manager for blockchain, crypto, and digital currencies, Jose Fernandez da Ponte, said:
We are committed to continue working closely with regulators in the UK, and around the world, to offer our support – and meaningfully contribute to shading the role digital currencies will play in the future of global finance and commerce.
PayPal launched its crypto services last year to only US customers. Similar to its crypto offering in the UK, the payments company said it would only support BTC, ETH, LTC, and BCH. Following the announcement of its crypto service in the US, the price of Bitcoin began to surge, reaching new highs starting from October till the end of the year. Likewise, several altcoins also followed the trend, pulling in gains.
At press time, the price of Bitcoin is over $50,000 for the first time since May. The top crypto asset has gained more than 70 percent from its 6-months low of below $29,000. As it stands, there are speculations that BTC will continue to surge to reach new all-time highs.
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PayPal increases cryptocurrencies purchasing limit
Last month, Crypto News Flash revealed in a report that CEO Dan Schulman said that PayPal would be expanding its crypto services to the UK. The report noted that the purchasing limit on the payment platform has increased to $100,000 on a weekly basis.
In the company’s second-quarter report, Schulman said that PayPal is looking to integrate into its Automated Clearing House (ACH). Integrating into the ACH will allow the platform to conduct faster payments. The CEO spoke on crypto adoption and trading on Venmo. He said “Pay with Venmo” saw revenue growth of 183 percent over the past year.