Paypal Formally Enters UK Crypto Sector

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Written by Nezwan Helmy

Last August, PayPal announced its plans to join the British cryptocurrency industry, and the firm moved swiftly to implement the new services. 

Jose Fernandez da Ponte, PayPal’s Vice President and General Manager of blockchain, cryptography, and digital currencies, stated that PayPal’s global reach and expertise in digital payments provide it with a “unique opportunity” to assist people in the United Kingdom within their exploration and development of the use of cryptocurrency.

He claims that digital cryptocurrency has sped up the pace of technological advancements in all aspects of our life, including the digitization of currency and the ever-increasing adoption of digital financial services by the general public.

Paypal UK accepts BTC, ETH, BCH and LTC Coins

Weeks later on September 17, PayPal UK announced that the gradual launch of cryptocurrency trading on its platform in the United Kingdom had successfully been completed. Due to this, all eligible customers in the country may now “buy, hold, and trade” cryptocurrency such as Bitcoin, Ethereum, BitcoinCash, and Litecoin straight from their PayPal accounts in the country.

https://twitter.com/PayPalUK/status/1438746959364308995

As well as access to real-time Bitcoin prices, users will also get access to educational information about cryptocurrencies. 

This is the first time that cryptocurrency trading has been made accessible on PayPal outside of the United States, where the service was launched in November of 2020. Although the ability to trade cryptocurrencies will only be available to those who have confirmed their accounts. 

Buy Crypto Coin For As Little As £1 

Payments made via PayPal in the United Kingdom will soon be able to be financed using a bank account or debit card, and users will be able to purchase any of the four aforementioned virtual currencies for as little as one British Pound.

Despite the fact that transactions using cryptocurrencies may now be performed via PayPal, payments for products and services in cryptocurrency are still not allowed in the United Kingdom. Another downside is that the purchased digital assets cannot be transferred across digital wallets, nor between friends and relatives too. This may be due to concerns of money laundering and illegal financing activities.

According to a spokesperson from PayPal, the American multinational firm is committed to working closely with British authorities in order to make a major contribution towards defining how digital currencies will operate in the global financial system. 

PayPal Plans To Expand Its Services To Other Countries
Approximately 380 million daily active users and up to 25 million companies are said to be using PayPal’s platform. The firm has stated that it will introduce a wallet in China that will be focused on cross-border payments. The local wallet will connect China’s e-commerce sector to PayPal’s global network. This will allow consumers to purchase products from other countries and businesses in order to sell Chinese products in other countries. Because of PayPal’s extensive worldwide network, new customers are likely to be attracted to the cross-border system, which may result in enormous growth for the payment software in the future.

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