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UK customers will buy cryptocurrencies via PayPal

UK customers will buy cryptocurrencies via PayPal

created Michał SielskiAugust 23 2021

Buying, selling and storing for the time being the four selected cryptocurrencies will be offered PayPal in the UK. Following this announcement, digital asset prices exploded. Bitcoin already costs over 50 thousand. USD, the most in over a year.

Nasdaq PayPal, listed on the US stock exchange, has just announced that the service is already successfully tested and is expected to start working for UK customers later this week. This is the company's first really big expansion outside the United States. And the first such wide opening to the cryptocurrency market. The company's authorities have already announced that this is just the beginning - the offer will include many more cryptocurrencies, as well as other related services. Everything indicates that at the beginning it will be staking - i.e. interest-bearing deposits that can be set up in purchased cryptocurrencies. For now, however, UK PayPal customers will have to "learn" the digital money that PayPal offers them.

How to buy cryptocurrencies via PayPal

At the beginning, customers will have four leading cryptocurrencies at their disposal: Bitcoin, Ethereum, Litecoin i Bitcoin Cash. Each customer will be able to log into their account via the website or mobile application to easily view cryptocurrency prices in real time.

The panel also includes educational content not only for beginners on the cryptocurrency market, answers to frequently asked questions, as well as information about the possibilities of using cryptocurrencies and the risks associated with this market. The adventure with cryptocurrencies can therefore (and even should) start carefully - also in terms of invested capital, because in the system offered by PayPal for the British you can buy for as little as £ 1 (£ 1). All you need to do is log in to your account, enter the newly created tab with cryptocurrencies, where you will be shown the current price of four cryptocurrencies and a button to buy (and then also sell). And it's ready. The whole thing is to be simple, intuitive and available to all customers who have funds on their account.

When making a purchase, you will be able to choose the amount suggested by the system or enter any of yours. During the transaction, the money will be withdrawn from the PayPal account, it will also be possible to make a bank transfer or simply connect the account with a payment or credit card, as before.

There will be no fees for storing cryptocurrency in your PayPal account, but there will be transaction fees and currency conversion fees when buying and selling cryptocurrencies. The company does not reveal which ones yet, but you can guess that they will be competitive for the market if PayPal wants to quickly take over a large piece of the blockchain pie.

PayPal invests in cryptocurrencies

PayPal has been investing in resources that allow the development of its cryptocurrency offer for many years. It already has partnerships with licensed and regulated cryptocurrency platforms and central banks around the world. Over the past five years, he has hired a blockchain research team working on the current and future offer. Launching the possibility of trading the first four cryptocurrencies is the most spectacular effect of this cooperation. 

Cryptocurrencies are available at PayPal thanks to a partnership with Paxos Trust Company. However, PayPal also invests in startups related to blockchain technology and cryptocurrencies, such as: TRM Labs (producer of cryptocurrency risk management software), TaxBit (crypto tax software provider for clients and exchanges) or Talos (creator of technologies for trading digital assets).

For now, however, the biggest change is the offer for the purchase, sale and storage of cryptocurrencies, which - as announced - is to be introduced this week and will be available in the next few weeks to all customers directly on their PayPal account via the website and mobile application.

bitcoin $ 50 thousand

Bitcoin chart, D1 interval. Source: xNUMX XTB.

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About the Author
Michał Sielski
Professional journalist for over 20 years. He worked, among others, in Gazeta Wyborcza, recently associated with the largest regional portal - He has been present on the financial market for 18 years, he started on the Warsaw Stock Exchange when the shares of PKN Orlen and TP SA were just being introduced to the market. Recently, his investment focus has been exclusively on the Forex market. Privately, he is a parachutist, a lover of Polish mountains and a Polish karate champion.