PayPal launches crypto services in UK

From Monday, UK PayPal customers can buy, sell and store bitcoins, Ethereum, bitcoin cash and lightcoins.

Customers can purchase cryptocurrencies worth as little as £ 1 (US $ 1.3) through the “crypto” tab on the PayPal website and mobile app using their bank accounts, PayPal balances or debit cards.

The UK is the second country to access these services after the digital payments behemoth launches its crypto package in the US by October 2020. It offers the same four coins to American customers.

PayPal does not charge customers a hodling fee, but charges transaction and currency conversion fees. It does not include the fee schedule, but in the US, fees range from 50 cents for purchases under $ 25 to 1.5% of the transaction amount for purchases above $ 1,000.

Customers cannot transfer cryptocurrency to other wallets. The cryptocurrency bought through PayPal can only be spent through the app, although the company is reportedly trying to change that-at least in the US as a rival to Robinhood.

Paypal CEO dan Schulman told decrypt in March that cryptography could eventually be part of a “super app” that would cover purchases, financial services and identity.

That same month, PayPal launched a “cryptocurrency check” that allows its U.S. customers to pay merchants in cryptocurrency. In April, the company added crypto services to its popular mobile payment service Venmo.

March Dec July last year PayPal teamed up with crypto brokerage Paxos for crypto payment services, and in March 2021 the company acquired Curv, an Israeli venture that helped banks and others secure crypto assets for about $ 200 million. PayPal has also invested in trm Labs Crypto risk management software, taxbit tax software and Talos trading infrastructure.

Unlike companies like Tesla and Square, PayPal does not have cryptocurrency on its balance sheet. “We don’t necessarily like the ups and downs of what can happen if you invest in a particular asset class,” Schulman told decrypt in March.

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