CryptoPayments

PayPal launches crypto services to UK

Bitcoin, Ethereum, Litecoin and Bitcoin Cash will be available for purchase on the platform

U.S. online payments giant announced Monday it would let British customers buy, hold and sell digital currencies, starting this week. This marks the official first international expansion of PayPal‘s crypto capabilities since its US launch in October of 2020.

Customers will have access to choose from four cryptocurrencies – Bitcoin, Ethereum, Litecoin and Bitcoin Cash – the same standard four currencies offered PayPal’s fintech platform Venmo. According to the release, customers can start by buying as little as £1 of cryptocurrency through PayPal.

The platform will also give customers access to crypto price tracking and educational content to better understand how their investment works.

In each transaction, there’s a difference between how much you paid for the cryptocurrency, which is the cost basis, and the market value at the time you spend it. However, much like Revolut, PayPal users can’t actually move their crypto holdings outside of the app itself.

“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,” said Jose Fernandez da Ponte, vice president and general manager, blockchain, crypto and digital currencies at PayPal.

In March, PayPal’s crypto services were expanded in the US when the company launched “Checkout with Crypto” – a service that allowed US customers to utilize their crypto alongside other payment methods in their PayPal wallet. While the service was only for US customers, the fintech giant allowed for international purchases.

According to the release, the company’s cryptocurrency offerings are enabled through a partnership with Paxos Trust Company.

PayPal’s venture capital arm has also made investments in blockchain and cryptocurrency-related start-ups including: TRM Labs, a cryptocurrency risk management software; TaxBit, a provider of crypto tax software to customers and exchanges; and Talos, infrastructure technology for digital asset trading.

The desire to stay ahead of the fintech curve has caused a number of large companies to dabble in the crypto space – as unregulated as it may currently seem. PayPal’s rival rival Square and the trading app Robinhood, both introduced cryptocurrency buying and selling in 2018. In recent years, traditional financial firms like J.P. Morgan and Fidelity Investments have also launched crypto initiatives in the form of JPM Coin (a blockchain payments platform) and Fidelity Digital Assets (a custody business). 

Latest Articles

2022 HousingWire TECH100 Real Estate Honorees HW+
Mar 11, 2022 By

This year’s list of TECH100 Real Estate honorees represent a huge shift in the direction that the real estate industry is heading in. Though real estate may have fallen behind in technological advances compared to other industries in the past, all of that is changing, and this year’s list of Tech100 winners embody that shift. […]

Content from our partners

Log In

Forgot Password?

Don't have an account? Please

Register

Forgot Password

Please enter your registered email address below to receive a password reset link.

Check Your Email

A password reset email has been sent to the email address on file for your account, but may take several minutes to show up in your inbox. Please wait at least 10 minutes before attempting another reset.

Welcome to FinAssist

Go to your inbox and open 'Welcome to FinAssist, your company discovery platform' to get started. You may also skip your inbox and 'Start tutorial'.