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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