PayPal Cryptocurrency Services Now Available to UK Residents – Bits Media

UK citizens can now buy, sell and store BTC, ETH, LTC and BCH using PayPal payment system. These functions became available to them with 23 August.

According to the video, posted on YouTube by PayPal UK, minimum amount purchases of these cryptocurrencies for British users will be 1 pound sterling ($1.3). British citizens can use their bank account to buy, PayPal account or debit card. The payment giant will not charge a fee for storing crypto assets, But customers will pay a commission for transactions and envelope of currencies.

PayPal did not provide information on the commissions. However, it is known, that in the United States, the commission is from $0.5 for transactions in the amount less $25 to 1.5% For transactions from above $1 000. Users will not be able to transfer cryptocurrencies to other wallets. Digital assets, Bought through PayPal, can only be spent through the application.

Great Britain became the second country, gaining access to PayPal cryptocurrency services after, How they were launched in the USA last fall. Compared to other European countries, PayPal is in greatest demand in the UK - the number of active users of the payment system per month is more 2 million people.

Senior Executive Director of PayPal Cryptocurrency division Jose Fernandez da Ponte (JOSE FERNANDEZ DA PONTE) He called the "digitization of money" during the pandemic one of the main factors, contributing to the development of cryptocurrency industry. He added, that PayPal intends to work closely with the regulatory authorities of Great Britain and the whole world when launching services, associated with cryptocurrencies.

“Thanks to our wide geographical coverage, experience in digital payments, as well as understanding the needs of individual users and organizations in combination with strict security control, We can help the residents of Great Britain become closer to cryptocurrencies ", - Said and Ponte.

Recently in the service of mobile payments Venmo, owned by PayPal, The function "Cash Back to Crypto" appeared, allowing owners of credit cards to convert a monthly cashback in BTC, ETH, LTC or BCH. In July last year, PayPal began to cooperate with Paxos Crypto Brokerage, and in March 2021 years announced the acquisition of the Israeli startup Curv, Whose solution began to be used to safely store crypto assets.