The payment giant, PayPal announced that all the eligible customers in the UK were granted the opportunity to start trading cryptocurrencies using their PayPal accounts. PayPal users in the UK are now able to buy, hold, and sell cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
Clients of the company can now view real-time crypto prices using both the website and the mobile app of PayPal. The team behind the company also made sure that those with little experience in the cryptocurrency market had the opportunity to learn more about how the market works.
Traders can access the educational content of PayPal about crypto and check out FAQs to find answers to their questions. PayPal announced that the new services are only available for customers who have verified their identities.
PayPal Crypto Trading
PayPal unveiled its crypto services last year, allowing traders in the US to buy, sell, and hold cryptocurrencies. Venmo, which is a mobile wallet owned by PayPal, also allows clients to buy and sell cryptos in the US. Clients of PayPal do not have to open a new account, they can use regular, pre-existing accounts in crypto coins.
The company announced its new offering in 2020, and the services became available for US clients in early 2021. By taking this step, cryptocurrencies have simply become another funding source inside the PayPal digital wallet.
This is just another step for PayPal to make sure its stance in the market as being at the forefront of digital payments. The company has over 300 million customers in over 200 markets around the world.
The company did not initially announce any plans on the expansion of the services but hinted that they were working on introducing this service to clients from other parts of the world as well.
Expansion in the UK
PayPal announced that it was working to expand its services to the UK In August 2021. The company then immediately proceeded with a partial rollout of crypto services in the country. This is the first expansion of the cryptocurrency trading services of PayPal outside of the US.
This step is very important for both the UK as well as PayPal itself. It comes just as some of the UK banks announced to be cutting payment channels to exchanges in the country.
For example, one of the banking giants in the country, HSBC announced that it would suspend credit card payments to Binance, saying that there were many risks and concerns around it. Other large banks, including Barclays and NatWest, have also suspended transactions to Binance.
High demand on crypto services
Over the past few years, crypto trading has become very popular in the UK. Numerous people in the country, including younger as well as older generations, have shown interest in the market.
The introduction of PayPal’s crypto services to the country can help those interested in crypto trading to easily become part of the market.
Crypto exchanges in general have supported the fast growth of the crypto trading market. Thanks to the online crypto trading platforms, traders are able to start trading in a matter of minutes.
Trading automation makes crypto trading even more accessible for traders in the UK. Automated trading robots can be used with almost all crypto exchanges available in the country and they make trading a lot easier.
For example, the Bitsgap platform for crypto trading offers crypto enthusiasts in the UK the ability to trade cryptocurrencies without having to spend hours in market analysis. The trading bot of Bitsgap can analyze the market in a matter of minutes and it is also able to actually trade cryptocurrencies for you.
This makes trading more attractive for those who simply do not have enough time to analyze the market on their own.
Crypto Trading in the UK
Although the government of the country confirmed crypto assets as property in 2020, there have not been any specific laws about cryptocurrencies adopted in the country, and cryptos are not considered legal tender.
Trading cryptocurrencies is considered to be legal in the country, with exchanges being required to be registered locally. All of the crypto companies in the country have to be registered with the Financial Conduct Authority, FCA, which is the main financial regulator of the country.
Cryptocurrency trading is very popular among the local population of the country. This is why the step of PayPal to offer its crypto services to UK residents is so important.
The step acts as the first expansion of PayPal’s crypto services and while the company hin on working to further grow its services, there are no specific plans that PayPal has introduced on where the expansion will be aimed at next.
Market experts are saying that the crypto launch in the UK is very important for the further development of the crypto trading market in the UK and it can help local crypto-enthusiasts to make transactions in an easier and more efficient manner.