Payments company PayPal has started offering its UK customers the ability to buy, store and sell cryptocurrencies.
Last year, PayPal started offering US customers the ability to buy, sell and store Bitcoin, Ether, Litecoin and Bitcoin Cash.
As in the US, Paxos will be the company's partner to offer the service in the UK. While it is not yet possible to withdraw cryptocurrencies from PayPal to third-party wallets, the company has reported it is working on it. Investments are available from £1 or $1. UK customers will not be able to invest more than £15,000 per week and £35,000 per year. In the US, the limit is set at $100,000 a week.
PayPal's cryptocurrency manager, Jose Fernandez da Ponte, has said one of the main motivations for creating the service was the "digitization of money" during the pandemic:
"Our global reach, digital payments expertise, and knowledge of consumer and businesses, combined with rigorous security and compliance controls provides us the unique opportunity, and the responsibility, to help people in the UK to explore cryptocurrency."
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Connecting UK PayPal customers to cryptocurrencies begins this week and is expected to be completed in a few weeks. Users must have a certified account to have access to this service.