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Paypal just completed the launch of its crypto service offering in the United Kingdom. This is the company’s very first expansion overseas.
With the completion of Paypal’s cryptocurrency offering, its crypto service is now available to people in the U.K. Customers can now start to buy, hold, and sell cryptocurrencies through the financial technology company’s platform. It should be noted that only four types of digital currencies are accepted as of now, and they are Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Paypal UK confirmed this information through social media last weekend. The company simply tweeted: “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.”
On the firm’s website, it was explained that the crypto service in the U.K. is provided by a credit institution, the Paypal (Europe) S.à r.l. et Cie, S.C.A. that is being managed by the Commission de Surveillance du Secteur Financier, Luxembourg’s financial regulator. However, it should be noted that this service is not regulated by the UK’s Financial Conduct Authority (FCA) or any other regulators.
“You can buy, sell and hold cryptocurrency through Paypal’s cryptocurrency service, but you cannot use it to send cryptocurrency,” Bitcoin.com quoted Paypal as saying in a statement with regards to what the customers can do with its crypto service in the country. “Purchases and sales of cryptocurrency are not reversible and cannot be changed.”
It was in October 2020 when the San Jose, California, headquartered firm made an announcement that it would be adding a crypto service in the United States. Its new offering was carried out in partnership with Paxos Trust Company, a financial institution and tech firm that specializes in blockchain.
Finally, as posted on Financial Express, aside from buying, selling, and holding of digital currencies, customers will also be able to see real-time crypto prices on their PayPal accounts. They can also learn more about opportunities and risks related to cryptocurrencies on the platform, as well as get immediate answers for commonly asked questions.
