The customers will be able to buy bitcoin, ethereum, litecoin, and bitcoin cash directly through their PayPal wallets.
After making its crypto trading services available in the US, PayPal has now launched its crypto services in the UK. The UK citizens will now be able to buy, sell and hold crypto assets in PayPal. It means they don’t require any exchange in order to buy crypto assets. For now, the customers will be able to buy/sell bitcoin, ethereum, litecoin, and bitcoin cash through their PayPal wallets. PayPal first launched its crypto services in the United States early this year. It also allows customers to use their digital coin holdings to shop at the millions of merchants on its network.
”We are committed to continue working closely with regulators in the UK, and around the world, to offer our support and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” said Jose Fernandez da Ponte, Vice President and GM for blockchain, crypto, and digital currencies at PayPal.
Just after this announcement, Bitcoin breached the mark of $50,000, which had been hovering below this resistance for weeks now. The UK authorities are making it challenging for citizens to invest in crypto assets. But having reputed firms like PayPal allowing for crypto investments, people feel safer and easier to invest in the crypto assets. Users can invest as low as £1, but the upper limit is £15,000 per week. The maximum amount for purchases over a 12-month period is £35,000. However, PayPal currently does not allow withdrawals to external wallets but is exploring the functionality.