PayPal Now Offers a Cryptocurrency Service to Customers in the United Kingdom

PayPal is expanding its cryptocurrency service to the United Kingdom, enabling users to purchase, trade, and store four different cryptocurrencies on the PayPal network.

• PayPal said that users would be able to trade in bitcoin, ether, litecoin, and bitcoin cash for as low as £1 ($1.40).

• This is the first time PayPal has expanded its crypto service outside of the United States.

• The procedure will begin this week, and all qualified consumers should have access to it within the following several weeks.

• To be eligible, customers must have confirmed their identification. There will be no support for PayPal business accounts.

• Last October, PayPal made crypto buying, selling, and holding available to U.S. clients, a move that was soon followed by bitcoin hitting new highs for 2020 and serving as one of the catalysts for the current crypto bull market.

• The business does not now enable customers to transfer their crypto assets off-platform, although this may change in the future. In May, Jose Fernandez da Ponte, vice president of blockchain, crypto, and digital currencies, stated that a withdrawal feature is in the works for Consensus 2021.

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