PayPal will this week start allowing customers in Britain to trade bitcoin and other cryptocurrencies as it extends its crypto trading platform internationally.
PayPal entered the crypto market in the US at the end of 2020 as bitcoin started to pique the interest of leading institutions.
Now UK users will be able to trade bitcoin, 비트코인 거래소 ethereum, litecoin and bitcoin cash – a spin-off from bitcoin.
It comes as today bitcoin pushes through the $50,000 a coin barrier for the first time in three months.
Crypto convert: PayPal is expanding its cryptocurrency trading platform to the UK
UK users can start buying as little as £1 of cryptocurrency through PayPal, with a maximum single purchase of £15,000.
The maximum amount for weekly purchases is also £15,000 and 비트코인 거래소 a maximum of £35,000 over a 12-month period.
PayPal has said it will not charge users to hold cryptocurrencies but there will be currency conversion fees and transaction fees.
‘The exchange rate may include a margin that PayPal earns on each purchase and sale and conversion between your electronic money in pounds sterling and the relevant cryptocurrency which is purchased in US dollars,’ the platform told This Is Money.
PayPal’s move into cryptocurrency could prove significant for crypto adoption, particularly given how easy and widespread the platform is.
As a result it has said it will provide users with ‘educational content to help them understand the cryptocurrency ecosystem, the volatility, risks, and opportunities related to purchasing cryptocurrency.’
Although UK customers will be able to trade crypto, PayPal will retain control of the asset.