In a press release published on 23 August, PayPal announced the launch of a new service that will enable its U.K. customers to buy, sell, and hold four major cryptocurrencies, namely Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. PayPal will begin rolling out the new service starting this week.
While there will be no fees to hold cryptocurrencies in a PayPal account, the platform will apply transaction fees and currency conversion fees. Customers will be able to fund their accounts using their bank accounts or debit cards, and will be allowed to purchase as little as £1 worth of crypto The offering was enabled through a partnership with the Paxos Trust Company.
Jose Fernandez da Ponte, the Vice President and General Manager of Digital Currencies at PayPal, said the pandemic has accelerated digital change and innovation in the world, especially when it comes to financial services. PayPal’s global reach and compliance helped the company offer its U.K. customers a unique opportunity to explore cryptocurrencies in a safe and reliable manner, he explained in the release.
As part of the new service, PayPal will also provide its customers with educational content to help them understand the cryptocurrency ecosystem.