Payment gateway giant, PayPal announced on Twitter that all eligible customers in the U.K. will now be able to buy, sell and hold cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, and Bitcoin cash through their PayPal accounts.
We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.
— PayPal UK (@PayPalUK) September 17, 2021
This announcement came as a follow-up, confirmation thread to PayPal’s August 23 tweets, revealing that the organization is expanding its crypto service to the U.K. PayPal unveiled its trading services in the U.K., which has come into action with their latest tweet. Additionally, the platform has also lifted off its in-app trading restrictions, which fits its view of expanding into the global crypto sphere.
Today, we are announcing the launch of a new service that will enable eligible customers in the UK to buy, hold and sell #Cryptocurrency directly from their PayPal account. Terms apply. pic.twitter.com/RG5xoqlHmr
— PayPal UK (@PayPalUK) August 23, 2021
In August, PayPal announced that its U.K. users will be able to check the live prices of the listed cryptocurrencies along with crypto educational content. Furthermore, Jose Fernandez da Ponte, Vice President and General Manager, Blockchain, Crypto, and Digital Currencies at PayPal asserted that the company would work closely with regulators to ensure full compliance.
“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 continuing 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.”, said Jose Fernandez da Ponte in the Press Release.
Paypal and Coinbase collaboration
This is the first time PayPal has encrypted products outside the United States. The payment processing giant started its crypto trading services last year in October for US customers. Earlier this tenth of April, Coinbase cryptocurrency exchange announced, adding Paypal as a payment option for US customers. This in turn allowed millions of US-based users to add their Paypal linked debit and credit card to their Coinbase account making way for seamless crypto purchase on the exchange.