PayPal expands its cryptocurrency support to new regions, everything you need to know

By Sanjay Maurya

News Highlights

For the first time, PayPal will allow users outside of the United States to buy, hold, and sell cryptocurrency.
People from the United Kingdom will be able to choose four different types of cryptocurrencies.
In collaboration with Paxos Trust Company, the company launched bitcoin support in the United States last fall.

PayPal expands its cryptocurrency support to new regions, everything you need to know

For the first time, PayPal will allow users outside of the United States to buy, hold, and sell cryptocurrency. People from the United Kingdom will be able to choose from four different types of cryptocurrencies that may be purchased using a linked bank account or debit card, according to the business.

Four types of cryptocurrencies are as follows: –

Bitcoin
Ethereum
Litecoin
Bitcoin Cash

In collaboration with Paxos Trust Company, the company launched bitcoin support in the United States last fall. As of mid-November, that service was available to all customers in the United States. Last spring, Venmo, which is owned by PayPal, added cryptocurrency compatibility.

Customers in the United Kingdom who wish to buy bitcoin can now do so through PayPal’s website or mobile app, where they can choose from pre-set purchase quantities or enter their own.

Users will be able to purchase cryptocurrencies for as little as £1, according to PayPal. When purchasing and selling bitcoin, however, transaction fees and currency conversion fees apply, according to the business. These differ depending on the quantity of cryptocurrency purchased or sold.

With one notable exception, the new feature is essentially similar to PayPal’s US offering. PayPal informs that it is adjusting transaction restrictions for its customers in the United Kingdom. The maximum amount for a single cryptocurrency purchase is £15,000 at the time of launch.

The maximum amount that can be spent in a year is £35,000. The service was initially launched in the United States with a $20,000 weekly buying limit. However, in July, it increased this to $100,000 and removed the yearly purchase limit.

PayPal promises to cooperate with regulators in the United Kingdom and around the world. According to Reuters, the corporation has over 403 million active accounts worldwide. With its entry into the Cryptocurrency market, the business is poised to become one of the largest finance companies to do so. PayPal users will be able to purchase Bitcoin, Ether, Litecoin, and Bitcoin Cash. Users can utilize the web version or the mobile app to purchase these coins directly from their PayPal wallets.