PayPal Finalizes UK Crypto Trading

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PayPal in the U.K. has completed its launch of cryptocurrency trading on the platform to include Litecoin and Ethereum, adding to bitcoin and BitcoinCash, which were rolled out last month, PayPal tweeted on Friday (Sept. 17).

Eligible U.K. PayPal users with verified identities can now buy, hold and sell cryptocurrencies on the platform. This is the first expansion of crypto transactions on the platform beyond the U.S., which was introduced in November 2020.

See also: Cryptocurrency Trading On PayPal Now Active For All Users

“We are keen to learn and observe how our customers use our buy, hold and sell crypto offering before we start to roll out more features and functionality,” a PayPal spokesperson told Cointelegraph.

PayPal Vice President and General Manager of blockchain, crypto and digital currencies Jose Fernandez da Ponte said last month that the company has a “unique opportunity” as well as a “responsibility” to bring the crypto trading to PayPal in the U.K.

See: PayPal Expands Crypto Trading To UK Users

Although buying and selling Litecoin, Ethereum, bitcoin and BitcoinCash can be transacted on PayPal, payments for merchandise can’t be made in crypto in the U.K. Nor can the digital currency be transferred to and from digital wallets or among friends and family, according to reports.

In the U.S., PayPal users got the ability to use crypto for payments at the platform’s 26 million merchants earlier this year. The service was also introduced to PayPal-owned Venmo, with plans to expand to more countries.

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While PayPal doesn’t charge users to hold crypto, fees are imposed for transactions and currency conversions. PayPal has over 375 million daily active users (DAU) and 30 million merchants on the platform. PayPal DAU in the U.K. is higher than any other country in Europe, according to Statista data.

PayPal dominates in-store mobile transactions, with 28% of the market. Apple Pay followed with 15%, PYMNTS reported.

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