According to Friday’s announcement. PayPal has officially launched its cryptocurrency services in the United Kingdom. Thus, allowing UK users to buy, hold, and exchange Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC).
Users will now be able to buy a cryptocurrency for as little as £1 via the service.
“We’re delighted to share that all eligible customers in the UK can now buy, hold, and sell #Cryptocurrencies. # Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account.”
The debut comes less than a month after the payments giant revealed the plan in August 2021. Thus, marking the company’s first foray into cryptocurrency services on a global scale.
Paypal Working on Bank Integration and Third-party Wallet Transfers
According to Schuman. Paypal is actively working on bank connectivity for its cryptocurrency services. This will make it easier to interface with the Automated Clearing House (ACH). And process payments faster.
“We’re going to launch hopefully, even next month in the UK, open up trading there. We’re working right now on transfers to third-party wallets. And, we want to make sure that we created a very seamless process for taxes and tax reporting.”
After receiving a conditional Bitlicense from the New York State Department of Financial Services, PayPal first launched its Cryptocurrency services to US consumers in October 2020.
The services were launched a month later in November, despite significant demand that led the company to raise its bitcoin purchase cap from $10,000 to $20,000 due to overwhelming demand.
Since then, the weekly cap went up to $100,000, and the annual limit has been entirely removed.
PayPal stated at the time that it intended to dramatically expand its cryptocurrency utility through, making its services available to over 29 million merchants worldwide.
PayPal announced Checkout with bitcoin in March 2021. This service allows users to make wire transfers to PayPal’s worldwide merchant network using cryptocurrency.
Customers who own Bitcoin, Ether, Bitcoin Cash, or Litecoin can now also use their coins to purchase fiat currency.
PayPal has also become one of the largest global major fintech companies due to these moves. Consequently, it has resulted in creating a seamless infrastructure for cryptocurrencies. And, a significant increase in popularity.