Americal online payments giant Paypal said Monday that it will allow customers in the UK to buy, sell and hold cryptocurrencies from this week onwards. 
<h2>PayPal Announces Expansion of Cryptocurrency Services in the UK</h2>
Paypal’s British customers can now buy or sell Bitcoin, Ethereum, Bitcoin Cash, and Litecoin through their bank accounts. This is because the U.K has become the second country to receive access to PayPal’s <a href="https://www.paypal.com/uk/webapps/mpp/home">crypto services</a>. The digital payments company offers the same four currencies in the United States, where it launched its crypto suite in October 2020.

In a discussion with CNBC, Jose Fernandez da Ponte, PayPal’s general manager for blockchain, crypto, and digital currencies said the services were doing “really well in the U.S’, while adding, “We expect it’s going to do well in the U.K.”

The new crypto feature allows buyers to purchase as little as £1 ($1.3) worth of cryptocurrencies using their bank accounts, debit cards, or PayPal balance. But currencies bought on the platform cannot be transferred to other crypto wallets. 

So far, in the US Paypal doesn’t charge customers for holding cryptocurrencies, but transactions and currency conversions are subject to a fixed fee. The U.K. version of the service could share these qualities.

To enable crypto dealings in the UK, Paypal<a href="https://www.cryptoknowmics.com/news/paypal-partner-firm-paxos-raises-300-million-at-valuation/"> teamed up with</a> Paxos, which is powering its digital asset offerings in the US. Additionally, it has also reached out to the country’s regulators.
<h2>PayPal Planning Developments in Other Areas of Crypto Industry</h2>
Beyond cryptocurrencies, PayPal is also considering setting a foot into the decentralized finance space. Last month, PayPal CEO Dan Schulman told investors that the company is figuring out "what the next generation of the financial system looks like" and how it can add smart contracts and decentralized apps to its platform.

Meanwhile, regulators in the UK  have been stepping up their efforts and closely monitoring unlicensed crypto services. Binance, the world’s largest crypto exchange has already been forced to cease its activities in the summer. 

Nevertheless, PayPal is optimistic about its presence in the UK. Da Ponte emphasized that his company is “committed to continue working closely with regulators in the U.K. and around the world” in expanding its footprint.

&nbsp;

PayPal Commences Cryptocurrency Services in UK

Americal online payments giant Paypal said Monday that it will allow customers in the UK to buy, sell and hold cryptocurrencies from this week onwards. 

Divya is a postgraduate from Jawaharlal Nehru University specializing in International Relations and a professional writer with more than 5 years of experience writing for the web. She is an avid reader interested in the global financial system and the effects of decentralization. At Cryptoknowmics, she hopes to deliver clear and understandable content to inform readers about the latest events in the crypto sector.

PayPal Commences Cryptocurrency Services in UK

Top Picks