Rollout of PayPal's first expansion of its crypto offering outside the U.S. will begin this week.
PayPal is extending its crypto service to the U.K., allowing customers to buy, sell and hold four different cryptocurrencies on its platform.
- Users will be able transact in bitcoin (BTC, +1.48%), ether (ETH, +0.41%), litecoin (LTC, +2.32%) and bitcoin cash (BCH, -0.5%) for as little as £1 ($1.40), PayPal said.
- The rollout is the first expansion of PayPal's crypto offering outside the U.S.
- The process will begin this week and should be available to all eligible customers within the next few weeks.
- Customers must have verified their identity in order to be eligible. PayPal business accounts will not be supported.
- PayPal introduced crypto buying, selling and holding to U.S. customers last October, a move closely followed by bitcoin attaining new highs for 2020 and one of the sparks that ignited the subsequent crypto bull market.
- The company has not yet allowed users to move crypto holdings off-platform, though this stance may change. Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies, said at Consensus 2021 in May that a withdrawal function is in the works.