Banking News

PayPal launches cryptocurrency trading in the UK


Today PayPal announced it is extending cryptocurrency support to the UK for buying, selling and holding the assets, with the rollout starting this week. It does not yet support using cryptocurrency for UK retail payments, which it launched in the U.S. in March.

For now, the offering supports Bitcoin, Ethereum, Litecoin and Bitcoin Cash.

Alongside the launch is a series of educational resources on the topic that includes warnings about price volatility. “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,” said Jose Fernandez da Ponte, VP and General Manager, Blockchain, Crypto and Digital Currencies at PayPal.

As mentioned by CEO Dan Schulman last month, the payments firm is also exploring digital currencies with “central banks around the world”.

The cryptocurrency offering was launched in the U.S. late last year via a partnership with Paxos Trust, which is also supporting the UK rollout. PayPal was also keen to highlight investments in the cryptocurrency sector, including blockchain forensics firm TRM labs, crypto tax software company TaxBit, and Talos for institutional digital asset trading. In March, it acquired crypto custody firm Curv for around $200 million and it also invested in the Blockchain Capital venture fund.