paypal’s cryptocurrency related services to start this week

On monday, august 23, paypal announced that they will be allowing their customers in the u.k. to be able to buy, hold and sell cryptocurrencies to start this week. their service has limited choices of cryptocurrencies to bitcoin, ethereum, litecoin and bitcoin cash with only £1. with this roll-out, this will mark paypal’s 1st ever crypto related product expansion.

how are the customers be able to use it? 1st, the eligible u.k. customers must have a verified account. they’ll be able to use it via mobile app or through a website. it said that there’s no fee when they hold cryptocurrency in their account and there will be an applicable fee for transactions and conversion of currencies. users can be able to track their account real-time.

paypal’s crypto related services were similar to one from a u.k. fintech firm called “revolut”. so with this, paypal users will not be able to move their crypto holding outside their app. but maybe in the future there will be an update from paypal like what revolut has been testing recently.

with this, the ceo of paypal who is dan schulman also wants to be ready so they can also support the release of cbdc as what he thinks is inevitable.

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