PayPal will allow UK buyers to use cryptocurrency for the first time

PayPal (PayPal shares - ticker 2PP) will allow UK buyers to buy and sell Bitcoin as it launches its pioneering cryptocurrency platform outside of the US for the first time.

What the payment giant allows now

PayPal, which began allowing its US customers to buy, hold and sell cryptocurrencies in October last year, will launch the service in the UK later this week.

The service will be accessible from both PayPal's website and app, allowing users to trade four different cryptocurrencies including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum.

While UK users will still not be able to trade digital currencies outside the PayPal ecosystem, meaning they cannot use them to purchase goods, PayPal has launched a "Checkout with Crypto" feature in the US.

It is still unclear if and when this feature will launch in the UK.

Greater openness to those intimidated by cryptocurrencies

PayPal's head of digital currencies, Jose Fernandez da Ponte, said he hopes the new service will help introduce people to the often "intimidating" world of cryptocurrencies.

"Cryptocurrencies can be an intimidating environment, people hear about hardware wallets and private keys and this and that," he said.

“So for people who want to have their first experience, they have the opportunity to do it through us.

“The pandemic has accelerated digital change and innovation in all aspects of our lives, including the digitization of money and increased consumer adoption of digital financial services.

“Our global reach, digital payment experience and consumer and business knowledge, combined with rigorous security and compliance controls, offer us the unique opportunity and responsibility to help people in the UK explore cryptocurrency. .

“We are committed to continuing to work closely with regulators in the UK and around the world to offer our support and make a significant contribution to shaping the role digital currencies will play in the future of finance and commerce. global ".

Since the launch of its cryptocurrency trading platform in the United States last year, PayPal's transaction revenue is believed to have grown by a third in the first quarter of this year.

Last month it announced that it would allow its users to purchase five times more cryptocurrency than before.

App users can now purchase $ 100.000 in cryptocurrencies and other digital assets per week, from $ 20.000, while the $ 50.000 annual purchase limit has also been lifted.

And what do you think of this new possibility offered by the payment giant? Do you hope it will soon arrive in Italy too? Let us know in the comments below.