Paypal has launched its own crypto service in the UK, the company will allow its users in the country to buy, sell and hold cryptocurrency via PayPal.
The UK is the first international market into which PayPal has expanded its cryptocurrency-related services after launching in the US last October.
Like PayPal users in the US, PayPal UK clients will also be able to trade and hold four cryptocurrencies, namely:
Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
PayPal is committed to Paxos as its crypto partner to expand its services in the UK.
Paxos operates as a market maker and provider of preservation services.
A PayPal spokesperson told The Block, declining to provide a specific timeline, that PayPal does not currently allow withdrawals to external wallets, but is already exploring this functionality.
PayPal users can start investing in cryptocurrency with as little as £1 or $1, but there are limits to the maximum investment amount.
The spokesperson said that in the UK, users will not be able to buy cryptocurrencies worth more than £15,000 per week.
He said the maximum amount of purchases over a 12-month period is £35,000.
In the United States, the weekly limit for cryptocurrency purchases is set at $100,000.
PayPal also allows its US users to shop using cryptocurrencies, albeit not directly.
Technically, users sell their crypto holdings and pay PayPal merchants in cash, although all of this is done in the background.
Paypal’s Venmo app also allows users to buy, sell and hold cryptocurrency in the US, which in turn is not available in the UK.
It is still unclear what PayPal’s cryptocurrency trading volumes are or how much money the company makes from its crypto service.
Unlike Square and Robinhood, PayPal does not provide financial figures related to its crypto business.
Besides providing cryptocurrency trading service, PayPal is also active in investing in cryptocurrencies.
The venture capital unit of PayPal has supported and invested several startups such as TaxBit, TRM Labs, Talos…
Earlier this year, PayPal also acquired crypto security services company Curv.