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Crypto News

PayPal Launches Crypto Buying and Selling in the UK

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“PayPal’s UK customers will be able to buy, sell, and hold four cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

In brief

  • The UK becomes PayPal’s first crypto expansion outside the U.S.
  • The company has been gradually building up its crypto offerings.

Starting Monday, PayPal’s U.K. customers can buy, sell, and hold Bitcoin, Ethereum, Bitcoin Cash and Litecoin.

Customers can buy as little as £1 ($1.3) worth of the cryptocurrencies using their bank account, PayPal balance, or debit card through a crypto tab on PayPal’s website and mobile app.

The U.K. is the second nation to access these services after the digital payments behemoth rolled out its crypto suite in the U.S. in October 2020. It offers the same four coins to U.S. customers.

PayPal does not charge customers for HODLing but will charge transaction and currency conversion fees. It has not provided a fee schedule, but in the U.S. fees range from 50 cents for purchases under $25 to 1.5% of the transaction for purchases over $1,000.

Customers can’t transfer crypto to other wallets. Crypto purchased through PayPal can only be spent through the app, though the company is reportedly working to change that—at least in the U.S., as is competitor Robinhood.

Paypal CEO Dan Schulman told Decrypt in March that crypto could eventually form part of a “super app” that would cover shopping, financial services, and identification” Decrypt

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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