Digital payment pioneer PayPal—a world leader of the “revolution” using technology to make financial services and commerce more convenient for more than 20 years—has now announced the launch of a new service enabling its customers in the UK to buy, hold, and sell cryptocurrency.
Discover opportunities and risks in cryptocurrency before transacting
The initiative signals the company’s first international expansion of its crypto service beyond the United States market and is touted to encourage customers to research and discover opportunities and risks in cryptocurrency before transacting.
Four cryptocurrencies are available—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash—for buy and trade via the PayPal website or mobile app, where customers can view real-time crypto prices and explore educational content answering common questions.
The service drops into the crowded space vying for best trading platform UK, giving the many others such eToro, Libertex, and Fineco Bank a run for the money. Depending on where you look for advice, eToro is rated by many reviewers as the overall best platform in the UK, offering 2,400+ stocks from 17 UK and international markets, with zero fees.
Bitcoin breaches $50,000 for the second time
As investors seek to diversify their portfolios—and notwithstanding the extreme volatility of cryptocurrency assets—crypto has emerged as an investment destination of choice, especially for a younger, well-heeled demographic seasoned and confident in all forms of online transacting. Recently Bitcoin breached $50,000 for the second time in two weeks, defeating a previous sell-off that failed to dent the appetite for the currency.
PayPal believes that it offers an environment that customers know and trust, and for as little as £1, traders can enter the cryptocurrency realm cautiously, affordably, and securely. PayPal boasts 400 million consumers and merchants in more than 200 markets.
Customers can fund their PayPal crypto account from a bank account or debit card, choose from pre-determined purchase amounts, or decide their own purchase amount, with no fees to hold cryptocurrency. Upon sale, funds are shipped quickly to the customer’s account for spending in the usual way.
“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. 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,” Jose Fernandez da Ponte, PayPal’s Vice President and General Manager, Blockchain, Crypto and Digital Currencies, said in a press statement.