PayPal is extending its crypto service to the U.K., allowing customers to buy, sell and hold four different cryptocurrencies on its platform.
- Users will be able transact in bitcoin (BTC, +1.68%), ether (ETH, +4.82%), litecoin (LTC, +2.96%) and bitcoin cash (BCH, +1.52%) for as little as £1 ($1.40), PayPal said.
- The rollout is the first expansion of PayPal’s crypto offering outside the U.S.
- The process will begin this week and should be available to all eligible customers within the next few weeks.
- Customers must have verified their identity in order to be eligible. PayPal business accounts will not be supported.
- PayPal introduced crypto buying, selling and holding to U.S. customers last October, a move closely followed by bitcoin attaining new highs for 2020 and one of the sparks that ignited the subsequent crypto bull market.
- The company has not yet allowed users to move crypto holdings off-platform, though this stance may change. Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies, said at Consensus 2021 in May that a withdrawal function is in the works.