PayPal permits the shopping for and promoting of Bitcoin within the UK

On Monday, payment giant PayPal launched new services that allow customers in the UK to buy, hold and sell Bitcoin and other cryptocurrencies. The service is available to private accounts, not business accounts, who have verified their identity with the platform.

Jose Fernandez da Ponte, Vice President and General Manager of Blockchain, Crypto and Digital Currencies at PayPal, commented: “The pandemic has accelerated digital transformation and innovation in all aspects of our lives – including the digitization of money and the greater adoption of digital financial services by consumers. ”

This is the first addition to PayPal’s bitcoin trading services outside of the US. At the same time, the platform has also published educational content about Bitcoin and other cryptocurrencies on the platform.

Jose continued, “Our global reach, digital payments expertise, and consumer and business knowledge, combined with rigorous security and compliance controls, give us a unique opportunity and responsibility to empower people in the UK to research cryptocurrencies to support.”

The announcement comes after PayPal CEO Dan Schulman hinted during the company’s Q2 earnings call that bitcoin buy and sell functionality would be coming to the UK, a development where PayPal is delivering on its February promises. PayPal’s new crypto offerings were made possible through a partnership with the Paxos Trust Company.

Customers can now buy, hold and sell Bitcoin on the platform through the website or mobile app for as little as £ 1. The functionality of the app is still quite limited, as customers cannot send or receive bitcoins. However, for Bitcoin users who see the app as a way to make consumer onboarding easier, there is hope that essential wallet features will soon be available that allow withdrawals and deposits in Bitcoin.

Without the option of withdrawing Bitcoin to another wallet, it is questionable whether PayPal even enabled access to Bitcoin. The function is more like an I-owe-you for Bitcoin, a price suspension tool that popular exchanges like Robinhood also offer.

In particular, there are both transaction fees and exchange rate fees for buying and selling via the platform, a function that other mobile payment service providers such as Square’s Cash app also have. Although Cash App has made consistent efforts to put bitcoiners in control of their withdrawal fees and allow internal free off-chain transfers, they still charge high fees for purchases.

The leader in this area is Strike, which enables virtually numb buying, selling, transferring and receiving of Bitcoin. It is important that neither the Cash App nor Strike offer access to Altcoins. PayPal’s provision of altcoin access shows that it chooses profit before understanding. It marks an emerging understanding of Bitcoin, but it’s an improvement nonetheless.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Bitcoin can defend your portfolio from inflation Bitcoin

Bitcoin can defend your portfolio from inflation

Check out this episode on YouTubeListen to this episode:In this episode of Bitcoin Bottomline,...

By wpadminsonic164
Is there a risk of a Bitcoin value “double bubble”? Bitcoin

Is there a risk of a Bitcoin value “double bubble”?

The following is from a recent issue of Deep Dive, Bitcoin Magazine's premium market...

By wpadminsonic164
Corporations with 100,000 wealth managers can now put money into Bitcoin via the NYDIG partnership Bitcoin

Corporations with 100,000 wealth managers can now put money into Bitcoin via the NYDIG partnership

SIMON Markets LLC has partnered with New York Digital Investment Group LLC (NYDIG) to...

By wpadminsonic164
They assist quick sellers after they earn curiosity on bitcoin Bitcoin

They assist quick sellers after they earn curiosity on bitcoin

Why do institutes issue interest-related payments on your Bitcoin deposits?The only reason is that...

By wpadminsonic164
Educating Monetary Schooling within the Age of Bitcoin Bitcoin

Educating Monetary Schooling within the Age of Bitcoin

I recently met with a group of high school graduates who are going to...

By wpadminsonic164
Hier ist, warum Bitcoin Ihre Hoffnung im Leben verjüngt Bitcoin

Hier ist, warum Bitcoin Ihre Hoffnung im Leben verjüngt

Ein düsterer Ausblick in die Zukunft ist angesichts der Ereignisse der letzten 18 Monate...

By wpadminsonic164
How Marco Falke maintains the Bitcoin community Bitcoin

How Marco Falke maintains the Bitcoin community

Last week, Bitcoin developer Marco Falke logged his 1,752. Committed to the Bitcoin Core...

By wpadminsonic164
Africa now has the most important quantity of Bitcoin peer-to-peer buying and selling on the planet Bitcoin

Africa now has the most important quantity of Bitcoin peer-to-peer buying and selling on the planet

According to data from the analysis platform UsefulTulips, Africa has developed into the continent...

By wpadminsonic164

Latest Posts

WARNING! BITCOIN to Crash Tomorrow!?…(Coinbase IPO) Videos

WARNING! BITCOIN to Crash Tomorrow!?…(Coinbase IPO)

Everyone expects a BITCOIN PUMP tomorrow for the Coinbase IPO...but could there be a...

By wpadminsonic164
It is best to guess Binance Coin will regain its market place from Cardano – AMBCrypto Information Binance

It is best to guess Binance Coin will regain its market place from Cardano – AMBCrypto Information

Binance Coin, the token native to the Binance network, lost its longstanding position as...

By wpadminsonic164
Binance Coin (BNB): Why It is So Attention-grabbing To The Cryptocurrency World – Yahoo Finance Binance

Binance Coin (BNB): Why It is So Attention-grabbing To The Cryptocurrency World – Yahoo Finance

gopixa / iStock.comCryptocurrency is red-hot, but if you want to take part in the...

By wpadminsonic164
Bitcoin can defend your portfolio from inflation Bitcoin

Bitcoin can defend your portfolio from inflation

Check out this episode on YouTubeListen to this episode:In this episode of Bitcoin Bottomline,...

By wpadminsonic164
When do you have to purchase from Cardano once more?  For BINANCE: ADAUSD by Finaboyy – Todayuknews – Todayuknews Cardano

When do you have to purchase from Cardano once more? For BINANCE: ADAUSD by Finaboyy – Todayuknews – Todayuknews

Cardano has since 20./21. July showed great price strength. Almost a 148% gain! I...

By wpadminsonic164
Cardano Elliott wave cycles are nearing the highest – FXStreet Cardano

Cardano Elliott wave cycles are nearing the highest – FXStreet

Cryptocurrencies are still in the zone of strong resistance, but we are not sure...

By wpadminsonic164
7 stablecoin options to Tether (USDT) – MakeUseOf Stellar

7 stablecoin options to Tether (USDT) – MakeUseOf

There are Bitcoin, Ethereum, Ripple and Litecoin, the prices of which are dependent on...

By wpadminsonic164
Binance

Solana (SOL) – Aug 30 For BINANCE: SOLUSD By ReadCrypto – Todayuknews – Todayuknews

Hello? Welcome dealer. With "Follow" you will always receive new information quickly. Please also...

By wpadminsonic164