Good News for UK Gamblers - PayPal Allows to Purchase, Hold and Sell Cryptocurrency

World-leading provider of payment solutions, PayPal, has just announced the introduction of a new service allowing customers in the UK to purchase, hold and send cryptocurrency with PayPal. The new service will be beneficial for gamblers who use the platform for depositing and withdrawal purposes. 

The latest update will bring positive things to gamblers in the United Kingdom including:

• Access to cryptocurrency in a safe and responsible way
• It allows customers to learn more about the possibilities and risks in cryptocurrency 
• This represents the first global expansion of PayPal's crypto service out of the U.S.

Speaking on the new launch, Vice President and General Manager, Blockchain, Crypto and Digital Currencies at PayPal, Jose Fernandez da Ponte said:

"The pandemic has accelerated digital change and innovation across all aspects of our lives— including the digitization of money and greater consumer adoption of digital financial services. Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency.”

He adds that the company is committed to working closely with regulators in the UK, and across the world, to provide regular support—and contribute to shaping the role of digital currencies in the future of finance and commerce.

Additional Observations

Customers in the United Kingdom will be able to select from four sorts of cryptocurrencies—Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. When entering the PayPal account via the site or the mobile app, they can see crypto prices, or check educational content to find answers to frequently asked questions.

This is the first international extension of PayPal's cryptocurrency offer beyond the USA. Thanks to the trusted brand and its entry, additional exploration of cryptocurrency will probably become mainstream in the UK. 

The launch of new options will allow customers to explore cryptocurrency directly from the PayPal environment they already know. Users can start by purchasing smaller amounts while learning how to use the option. To buy cryptocurrency, eligible users should log into their PayPal account via the site or mobile app, head to the crypto tab, and check all four available cryptocurrencies. They will also be able to check current trends and prices.

Going forward, users can select from pre-determined amounts or input the desired sum, before making additional steps in buying the crypto. Additionally, customers will be able to load their PayPal balance by using a bank account or debit card. 

Source:

“PayPal Launches the Ability to Buy, Hold and Sell Cryptocurrency in the UK”, newsroom.paypal-corp.com, August 23, 2021.