People in the UK Now Able to Buy, Hold, and Sell Cryptos Using PayPal
PayPal has recently announced that it has completed its rollout of crypto offering in the United Kingdom. This marks the first international expansion of this PayPal offering outside of the United States.
Thanks to this expansion, PayPal crypto is now available for the customers in the United Kingdom, who now have the opportunity to buy, hold, and sell four different types of digital coins using their PayPal accounts.
The rollout of the crypto services of PayPal officially started in late August. This was the first time that company announced it would launch its crypto services in the country.
With the official statement, PayPal UK announced that they were delighted to offer this service to their clients in the UK, thanks to which, they would be able to buy, sell, and hold the following digital coins: Bitcoin, Ethereum, Bitcoin Cash, and LiteCoin using their PayPal accounts.
As it was announced, the crypto service in the country will be provided by PayPal, regulated and supervised by Luxembourg's Financial Regulator. However, the crypto service itself is not regulated by any agencies, including the Financial Conduct Authority, FCA, of the UK.
The announcement of PayPal further explained that while clients can buy, sell, and hold cryptocurrencies with PayPal, they can't send them. Also, the statement said that crypto sales and purchases are not reversible and cannot be changed. In addition to this, PayPal also noted that it has plans to allow crypto transfers to third-party wallets starting from May.
PayPal’s Crypto Services
The first international expansion of PayPal's crypto services marks a huge step for not only the company but for the crypto industry in general as well. The announcement about PayPal launching the crypto services in the USA was made last year, in October. It allowed millions of people in the US to buy, hold, and sell cryptocurrencies.
The PayPal platform itself is available in over 200 markets, and the number of people using the services of the company is over 400 million. The crypto offering of the company was made possible with a special partnership program with Paxos Trust Company, which is a financial institution based in New York and it specializes in blockchain technology.
Checkout with Crypto was announced by PayPal in April, and soon after, it rolled out whole new crypto services on its mobile payment service Venmo in April. The decision about further expansion of its crypto services was announced by the company in July, as a result of which, it hired over 100 crypto positions.
In addition to all of these, PayPal has also announced that it had decided to made investments in blockchain and crypto startups. This includes crypto risk management firm TRM Labs, tax software provider TaxBit, and institutional-grade crypto infrastructure technology, Talos.
Increasing Crypto Popularity in the UK
Crypto popularity has increased a lot over the past few years in the UK. According to official data from 2021, over 9 million people owned cryptocurrency in the UK. The number of people who owned cryptocurrency in 2018 was only about 1.5 million, which has grown a lot in just three years.
This is a clear indicator of how the adoption of cryptocurrency is increasing in the UK, and it should not come as a surprise that PayPal's first destination for international expansion was the UK.
Brittons are very interested in the crypto trading market. This statement is especially true for the younger generation of the country, who have been looking for easier ways to invest in crypto. As of today, there are numerous opportunities that they have for crypto trading, including crypto exchanges, which are making trading easier to access for everyone.
Another very important factor helping local traders invest in crypto easily is automated trading. Traders in the UK can use a bot trader to make crypto trading ventures even easier. There are a lot of software companies in the country that offer locals crypto trading robots that are able to not only analyze the market in a matter of a few minutes but also trade cryptocurrencies for investors.
Thanks to automated trading, crypto enthusiasts in the UK can go on with their day while also earning side income from crypto trading. This is especially important for the younger generation of the UK, the majority of which are either studying or working full-time and trading cryptocurrencies could take a lot of their much-needed time.
Because crypto trading has become so much easier, its popularity is increasing very fast in the UK. As the crypto trading market continues to grow in the country, the UK might see more companies like PayPal aiming at the local market.
The recent decision of PayPal to start the expansion of their services from the UK is a very important one as it lets local traders have access to the crypto trading market in an easier and more efficient way.
Disclaimer: 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.