PayPal today announced via its Twitter page that eligible customers in the U.K. can now fully buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin from their PayPal wallets. The announcement comes after last month’s promise by the company to extend its crypto services in the region.
Once again, the expansion of the crypto service to the U.K. testifies to its popularity among users. Many people, especially those starting their journey in cryptocurrencies, would appreciate easier ways of profiting from, transacting, and owning digital currencies without the hassles of manually managing a wallet, private keys, and doing crypto-to-fiat conversions in multiple steps. PayPal service would be popular for that as it is a good way to start.
PayPal started enabling crypto purchases, selling, and holding services last fall, but that was only for United States residents. Its Venmo department added support for the four cryptocurrencies later on in November. However, today’s announcement did not include a statement of whether Venmo customers can trade or hold cryptos in their Venmo accounts.
U.K. customers will be able to buy crypto for as little as £1 and up to £15,000 in a single purchase from their account dashboards. The transaction limit is, however, very low at £35,000 per 12 months but set to increase in time. In the U.S., the buying limit started at $20,000 weekly and was increased to $100,000 later on.
This can be done both from the website and the app. Customers will first need to verify their identity in the account before buying or selling. What they cannot do, however, is transfer the crypto from PayPal to external wallets. They also cannot yet send or receive crypto from and to their wallets from other users. PayPal has said it will launch a service to address that.
The service is offered in partnership with Paxos and the transaction fees vary depending on the amount of cryptocurrency one wants to buy or sell.