PayPal users in the UK will now be able to trade cryptocurrencies on the payments service, 10 months after the feature was first introduced in the US. Customers will be able to choose from four different cryptocurrencies to trade: Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Monday's announcement from PayPal marks the first time the company is introducing crypto-trading features in a country other than the US, after launching in its home country last October. Users will be able to view real-time cryptocurrency pricing with the PayPal app and access educational content about trading to better understand the risks. Trading will start at just £1, and while there will be currency conversion and trading fees, it won't cost anything to hold cryptocurrencies in a PayPal account.
"The pandemic has accelerated digital change and innovation across all aspects of our lives -- including the digitisation of money and greater consumer adoption of digital financial services," said Jose Fernandez da Ponte, vice president in charge of crypto at PayPal, in a statement. "We are committed to continue working closely with regulators in the UK, and around the world, to offer our support -- and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce."
See also: Best Bitcoin and crypto wallets for 2021