Payments giant PayPal expands its crypto trading services to the UK.
UK Crypto Enthusiasts Welcome PayPal
PayPal, a leading payments solution with a market cap of more than $320 billion today announced it had expanded its crypto trading services to the UK, according to a report by The Block.
Per sources close to the matter, PayPal will allow its UK-based customers to seamlessly trade leading digital currencies such as bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH).
The crypto trading services in the UK will start next week, the company added.
Notably, the UK is the first overseas market that PayPal has expanded to after launching its crypto services in the US in October 2020.
It is worth highlighting that PayPal’s crypto partner for its UK crypto trading services will be Paxos — a leading market maker, custody provider, and stablecoin issuer. At the moment, PayPal does not allow its users to make withdrawals to external wallets but is reportedly exploring the said functionality.
While PayPal users can start investing in crypto with as little as $1 or £1, there are, however, limits on the maximum amount that can be spent on purchasing crypto assets. Most notably, PayPal users in the UK will not be able to buy cryptocurrencies worth more than £15,000 per week. Similarly, the maximum amount of purchase over a 12-month period is £35,000.
On the contrary, PayPal users in the US can purchase crypto assets as high as $100,000 per week.
Further, PayPal’s US-based customers also enjoy the facility to buy, sell, and trade cryptocurrencies via PayPal’s Venmo app while in the UK, Venmo is not available to the public yet.
PayPal Bets High on Crypto Adoption
The crypto bull run has piqued the interest of several influential financial services giants and PayPal is no exception.
Earlier this year on March 30, BTCManager reported that PayPal had established a cryptocurrency checkout service to enable its US-based customers to pay for goods and services with bitcoin (BTC).
The company expects to bag close to $2 billion in revenue from BTC alone by 2023, a report earlier this year posited.
At press time, bitcoin is trading at $50,241, as seen on CoinGecko.