PayPal rolls out its crypto buying and selling service in the UK
- Reportedly, this service will allow Brits to buy, sell, and HODL four cryptos, including Bitcoin.
- This launch is inspired by the strong performance of PayPal’s crypto service in the US.
- PayPal is set to compete against established crypto platforms in the UK, such as Revolut.
American payment giant PayPal has launched its crypto service in the UK, allowing Brits to purchase, sell, and hold a range of cryptocurrencies. A report unveiled this news earlier today, citing an announcement from the company. Reportedly, this launch marks the first international expansion of PayPal’s crypto product, which went live in October last year.
According to the report, the crypto service will let UK crypto enthusiasts buy or sell Bitcoin (BTC/USD), Bitcoin Cash (BCH/USD), Ethereum (ETH/USD), and Litecoin (LTC/USD) with as little as £1. Additionally, the service will allow UK crypto adopters to monitor crypto prices in real-time. They will also have access to educational content about the crypto market. Like in the US, the UK version of PayPal’s service depends on Paxos to facilitate crypto buying and selling.
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Assuring users that everything will run smoothly, PayPal said it has already bagged the approval of relevant UK watchdogs to launch the service.
Commenting on this achievement, Jose Fernandez da Ponte, PayPal’s General Manager for Blockchain, Crypto, and Digital Currencies, said the crypto service is performing excellently in the US, adding that PayPal expects it to perform equally well in the UK.
He added that PayPal is committed to working closely with regulators in the UK and across the globe. Through this approach, da Ponte believes the company will help shape the role digital currencies play in the future of digital finance and commerce.
Stiff competition is in order
PayPal first disclosed plans to launch its crypto service in the UK in July. At the time, the company said the decision to expand into other regions comes after observing the product perform exceptionally in the US. While the company expects the service to perform just as well in the UK, it is worth noting that the country has several strong contenders.
Among the key competitors is Revolut, which offers a service similar to PayPal’s. The platform has 12 million active users compared to PayPal’s 2 million. Although PayPal’s crypto offering might see it gain popularity quickly, it only allows trading within its app. On the other hand, Revolut is testing a feature that will allow users to withdraw BTC to their wallets. Apart from Revolut, PayPal will compete against established exchanges, such as Coinbase, Gemini, and eToro.
This news comes as the crypto market continues rebounding from the major mid-May crash. At the time of writing, BTC has retaken the $50,000.00 (£36,587.50) level after gaining 2.23% over the past 24 hours.