World-famous online payment processor PayPal announced on August 23 that it will allow its UK customers to buy, sell and hold cryptocurrencies like Bitcoin (BTC). Users will be granted the ability to buy cryptocurrencies using debit cards or banks linked to their PayPal account.
The move comes at a time when digital currencies are gaining ground across the world. Before bringing crypto trading to the UK, PayPal introduced it in the United States in partnership with a well-funded blockchain company, Paxos. What’s noteworthy is that customers can begin crypto trading with as little as £1.
However, the company adds that crypto transactions will be subject to conversion fees based on the transaction’s amount. As of now, the upper limit has been set to £15,000 for every single crypto purchase. Ever since the launch of this service, customer engagement has increased manifold with users logging onto the platform 2 times faster than previously.
PayPal is committed to working in harmony with leading financial regulators in the UK to ensure compliance with laws. Given that the UK is a top fintech hub with over 2 million active Paypal users, the company believes that its move to expand crypto services makes sense.
Litecoin, Bitcoin Cash, and Ethereum (ETH) are three other cryptocurrencies that have been made accessible to PayPal users besides BTC. PayPal’s decision to roll out crypto services to British customers is likely to boost the adoption of virtual currencies on a mainstream level.