PayPal Launches Crypto Service In The UK

Starting next week, PayPal will allow UK customers to buy, sell and hold cryptocurrencies. UK PayPal users as well as US users will be able to sell, buy and hold four cryptocurrencies: BTC, ETH, LTC and BCH. Paxos remains the company's cryptocurrency partner for the British service, which acts as a market maker and custodian provider. PayPal does not currently allow withdrawals to external wallets.

PayPal users can start investing in cryptocurrency £1 or $1. There are limits on the maximum investment amount. UK users will not be able to buy cryptocurrency worth more than £15,000 per week. The maximum purchase amount for a 12 month period is £35,000. However, in the US, the weekly cryptocurrency purchase limit is $100,000.

The crypto trading volumes of PayPal and how much of the company's funds is brought by the crypto service are still unknown. PayPal does not provide financial data related to the company's cryptocurrency business. PayPal is also active in crypto investment. The company's venture capital division supports startups such as TaxBit, TRM Labs and Talos.

Image: Finance Magnates