PayPal has been big on crypto over the past year, but now the company is pushing its digital currency agenda even further. The company has put out a statement saying that several countries – including the United Kingdom – outside the U.S. will be able to buy, sell and trade digital assets through its platform.
PayPal Is Bringing Crypto Trading to the U.K.
The new service will allow these countries to invest in four major cryptocurrencies: bitcoin, bitcoin cash, Ethereum and Litecoin. Customers can purchase these assets using bank accounts or debit cards granted they are connected to their PayPal accounts and begin trading from there. They can also store their digital assets on the PayPal platform.
In addition, customers can also buy digital assets directly through the mobile app. They can select from pre-determined purchase amounts or enter specific amounts at checkout time that work for them. Purchases can be as small as one pound-worth of crypto. The company has also stated that customers will be responsible for paying any conversion or transaction fees that come with digital asset trades.
A spokesperson for PayPal explained in an interview:
We think we’re going to be helping the cryptocurrency ecosystem develop further in the U.K. In the U.S., we knew there was high demand for this service, yet we were surprised to see the level of customer engagement for PayPal’s in-app crypto service from day one. Since we’ve launched, we’ve seen incredible and sustained engagement from our users. Consumers who buy, hold and sell cryptocurrency on our platform in the U.S. log on at two times their previous rates.
PayPal first announced last October that it would give individuals the opportunity to buy, sell and trade digital assets through its company. Furthermore, customers would also be able to purchase goods and services with cryptocurrency in the coming future. The move was well received by both financial heads and individual traders alike, and bitcoin – which was trading for about $10,000 per unit prior to the announcement – shot up by more than $3,000 soon after to reach a whopping $13,000, though this pales in comparison with where BTC currently stands.
So Much Change in the Last Year
Jose Fernandez de Ponte – vice president and general manager of the company’s blockchain division – mentions:
The pandemic has accelerated digital change and innovation across all aspects of our lives, including the digitization of money and greater consumer adoption of digital financial services. Our global reach, digital payments expertise, and knowledge of consumers and businesses, combined with rigorous security and compliance controls provides us the unique opportunity and the responsibility to help people in the U.K. to explore cryptocurrency. We are committed to continue working closely with regulators in the U.K. 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.