The American financial payment firm which now operates globally needs no further introduction though. Initially started in the year 1998, it’s one of the oldest and most standard digital payments and electronic money transfer firms. As the whole world goes diving into the cryptocurrency industry, PayPal too joined the league way before. Accordingly, at present PayPal establishes its cryptocurrency services for the U.K, following the U.S.
PayPal Crypto For U.K
When PayPal first announced its cryptocurrency services integration, the whole industry welcomed it cheerfully. In spite of this, PayPal launched its cryptocurrency integrated services for the platform in October 2020 for the U.S alone. Ever since, its crypto services launched in the U.S, its service is still in use so hot to date. In addition, the major reason for such success of PayPal’s crypto services goes to its user-friendliness. Accordingly, one could buy any one of the four cryptocurrencies among Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) extremely easily.
In spite of such epic success, now PayPal further extends its crypto services to the next nation, the U.K. Accordingly, starting from 23 August 2021, U.K based PayPal users could now buy any of the four cryptocurrencies. However, the platform supports buying, selling, and holding of only the same four cryptocurrencies it supports in the US.
In addition, this denotes the fact that the U.K is the second nation where PayPal brings forth its crypto services. Also, PayPal users could now easily purchase cryptocurrencies easily either through the app or the website with many payment options like a bank account, debit cards, credit cards, and PayPal account balance too.
Moreover, the users could use this crypto bought to be on hold or put to use for any purchases too. However, it’s not possible for one to transfer these cryptos in their PayPal accounts to their crypto wallets.
In addition, the fee charges for any sort of transaction would be like 1.5% of the total transaction amount.
The CEO’s Comments
The CEO of PayPal, Dan Schulman mentions in an old interview that they are coming up with a ‘Super App’ which will integrate all crypto services, financial services, shopping, and much more. Accordingly, this crypto integration of PayPal could be their first step in forming the super app probably.
On the contrary, the CEO reveals that PayPal has no cryptocurrency assets upon its name. Also, he adds, that he prefers not to take risks of sudden inflation and deflation back to back.
Despite this, PayPal has a long history of partnering and investing in crypto-related firms profusely. In addition, it partnered with Paxos Crypto Brokerage recently indulging in its crypto-based services. Also, PayPal has invested in major crypto software firms like TRM Labs, trading platform Talos and TaxBit, a taxing-based software tool.
