PayPal's cryptocurrency service is now available in the United Kingdom. The company will allow its users in the country to buy, sell, and keep cryptocurrency starting next week.
Following the introduction of PayPal's crypto service in the United States last October, the United Kingdom is the company's first overseas market. PayPal customers in the United Kingdom will be able to trade and hold four cryptocurrencies, similar to those in the United States: bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH) (BCH).
Paxos, which acts as a market maker and custody provider, is the company's crypto partner for the U.K. service. PayPal presently does not allow withdrawals to external wallets, but the business is looking into it, according to a company spokeswoman who declined to give a launch date.
PayPal users can begin investing in cryptocurrency with as low as £1 or $1, but the maximum investment amount is limited. Users in the United Kingdom will be unable to purchase bitcoin valued more than £15,000 every week, according to the representative. According to them, the maximum sum for purchases during a 12-month period is £35,000. However, in the United States, the weekly crypto buying cap is $100,000.
PayPal users in the United States can also shop with cryptocurrency, though not directly. Users must sell their crypto assets first and pay PayPal merchants in fiat money. In the United States, PayPal's Venmo payments programme also allows users to purchase, sell, and keep cryptocurrency. Venmo is not available in the United Kingdom.
PayPal's crypto trade volumes are unknown, as is the amount of money the corporation makes from its crypto service. PayPal, unlike Square and Robinhood, does not provide financial information about its crypto business.
PayPal is active in the crypto investment space in addition to providing a crypto trading service. TaxBit, TRM Labs, and Talos, among others, have received funding from the company's venture capital arm. PayPal also bought Curv, a crypto security business, earlier this year.
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