Major US payments company PayPal is set to offer cryptocurrencies services to its UK customers, according to an announcement made on Sunday. Buying and selling services of crypto-assets were provided to the US market since November, however, the UK offering marked the expansion of its crypto services in the international sphere.
PayPal would offer trading in four cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH), the same as they offered in the US market. Users can trade for as little as $1.
The platform would also allow for real-time data tracking and provide educational content to investors.
The main difference between the countries’ platforms is the trading limit. While the US branch might allow a purchase limit of up to $100,000 in a week, the UK customers could only purchase £15,000 worth of cryptocurrencies per week. The maximum annual purchase amount has been set at £ 35,000.
Paypal partnered with digital currency company Paxos to enable crypto buying and selling in the UK, just like the US.
PayPal users cannot withdraw their cryptocurrencies from the app or website. However, discussions around the allowance of cryptocurrency withdrawal took place at the “Consensus 2021” held in May this year.
Talking about the new venture, Vice President and General Manager of the blockchain and crypto division at PayPal, Jose Fernandez da Ponte said:
“Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency. We are committed to continuing working closely with regulators in the UK, and around the world, to offer our support—and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce.”
PayPal announced that they have been in talks with the relevant UK regulators to enable trade. The services are expected to launch within a week.