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PayPal has launched its crypto service in the UK Starting next week, the company will allow its users in the country to buy, sell and hold cryptocurrencies.
The UK is the first international market PayPal has expanded into for its crypto service after it launched in the US last October. Like its US users, PayPal’s UK customers will also be able to trade and hold four cryptocurrencies: Bitcoin (BTC), Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
The company’s crypto partner for the UK service remains Paxos, which acts as a market maker and custodial provider. PayPal doesn’t currently allow withdrawals to external wallets, but is exploring the feature, a company spokesperson told The Block, but declined to provide a timeline for the launch.
PayPal users can start investing in crypto with as little as £ 1 or $ 1, but there are caps on the maximum amount of investment. In the UK, users will not be able to buy crypto worth more than £ 15,000 per week, the spokesperson said. The maximum amount for purchases over a 12-month period is £ 35,000, they said. In the United States, however, the weekly crypto purchase limit is higher at $ 100,000.
PayPal also allows its US users to make purchases using crypto, but not directly. This means that users must first sell their crypto holdings and pay PayPal merchants in fiat. PayPal’s Venmo payment app also allows users to buy, sell, and hold crypto in the United States. Venmo is not available in the UK
It is still unclear what PayPal’s crypto transaction volumes are or how much money the company is making from its crypto service. Unlike Square and Robinhood, PayPal does not provide financial figures related to its crypto business.
In addition to providing the crypto trading service, PayPal is also active in the crypto investment space. The company’s venture capital unit has supported startups like TaxBit, TRM Labs, and Talos, among others. Earlier this year, PayPal also acquired crypto security firm Curv.
© 2021 The Block Crypto, Inc. All rights reserved. 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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