PayPal has announced that people in the United Kingdom can buy, hold, and sell cryptocurrencies through PayPal starting this week. It said the service is still rolling out to people’s accounts but this shouldn’t take more than a few weeks. With the new service, PayPal users can use Bitcoin, Ethereum, Litecoin, or Bitcoin Cash – all established cryptocurrencies.
PayPal will also show real-time crypto prices for those interested in trying their hand at trading in an attempt to make a profit. There will also be educational material on cryptocurrencies so you can get answers to common questions, learn about cryptocurrencies, and get the hang of the opportunities and risks involved.
To buy cryptocurrencies on PayPal, you will need to head to the PayPal website or mobile app and navigate to the new crypto tab where you can choose from the four options and view current prices or trends. You can start buying crypto with as little as £1 so you can test out the service before getting really invested. It’s worth noting at this point that cryptocurrencies are very volatile and you could be left with more than you put in; for this reason, you should only spend what you’re happy to lose.
Discussing the product launch, Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal, said:
“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. Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. We are committed to continue working closely with regulators in the UK, 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.”
The expansion into the UK is the first outside the United States. PayPal said that its well-established brand name will make entry, access, knowledge, and the exploration of cryptocurrencies open to the mainstream.