Crypto adoption continues to go great these days, and there are various moves that are being made in this direction.
PayPal is one important entity that’s been supporting the mass adoption of digital assets for quite a while now.
PayPal launches crypto service in the UK
It’s been revealed that PayPal has launched its crypto service in the U.K. The company will allow its users in the country to buy, sell, and hold cryptos.
As the BlockCrypto notes, the U.K. is the first international market that PayPal has expanded into for its crypto service after the U.S. launch last October.
It’s also worth noting that, like its U.S. users, PayPal’s U.K. customers will also be able to trade and hold four cryptocurrencies: Bitcoin (BTC), ether (ETH), litecoin (LTC), and bitcoin cash (BCH).
Another important issue to mention is that the company’s crypto partner for the U.K. service remains Paxos – this is acting as a market maker and custody provider.
The Block Crypto notes that PayPal currently does not allow withdrawals to external wallets but is exploring the functionality.
Just to refresh your memory, PayPal users can start investing in crypto with as little as £1 or $1, but there are caps on the maximum investment amount.
In the U.K., users will not be able to purchase crypto worth more than £15,000 per week, the spokesperson said.
The maximum amount for purchases over a 12-month period is £35,000, they said. On the other hand, in the U.S., the weekly crypto purchase limit is higher at $100,000.
PayPal also allows its users in the U.S. to shop using crypto, but this does not happen directly.
The same online publication mentioned above notes that this means users have to first sell their crypto holdings and pay PayPal merchants in fiat.
PayPal’s Venmo payments app also allows users to buy, sell and hold crypto in the U.S. The app isn’t available in the U.K.