PayPal’s first global expansion of cryptocurrency trading launches this week to users in the U.K. with the ability to buy and sell bitcoin, Ethereum, Litecoin and Bitcoin Cash, according to a press release.
Customers can use their PayPal account on a desktop or via the mobile app. Aside from trading, people can get real-time prices and learn more about how cryptocurrencies work, including the possible risks and contingencies. People can jump into crypto trading on PayPal with just £1.
“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,” said PayPal Vice President and General Manager of Blockchain, Crypto and Digital Currencies Jose Fernandez da Ponte.
He added that PayPal now has a “unique opportunity” as well as a “responsibility” to bring crypto to its U.K. customers. The company intends to collaborate with officials around the world and “meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” Fernandez da Ponte said.
U.K. users can fund their PayPal account using their bank account or debit card of choice. When selling cryptocurrency, funds will be transferred to their PayPal account and available for spending. There are no fees to hold crypto, but there applicable fees for transactions and currency conversions.
PayPal has a partnership with Paxos Trust Company to facilitate cryptocurrency trading on its platform. PayPal Ventures — the venture capital arm of PayPal — has invested in several blockchain and crypto startups, including TRM Labs, TaxBit, and Talos.
The Silicon Valley company launched over 20 years ago and works with more than 400 million consumers and merchants in over 200 markets. It is one of the biggest mainstream financial firms to offer cryptocurrency trading with its initial launch in the U.S. in October.
Checkout with Crypto was launched in March and gives U.S. PayPal customers the ability to use their cryptocurrency to make purchases worldwide. In April, PayPal launched crypto services on its mobile payment service Venmo for users in the U.S.