International payment giant PayPal has officially launched its cryptocurrency services in the UK, allowing its UK users to buy, hold and trade Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), and Litecoin (LTC), according to its Friday announcement. The latest service will allow users to make cryptocurrency purchases for as little as £1. Cryptocurrency adoption has seen massive growth this year as major institutions continue to come into the space.
All eligible customers in the UK can now buy, hold, and sell from their PayPal accounts.
The launch comes less than a month after the international payments giant announced the plan in August 2021, making this its first international push into cryptocurrency services. The announcement is also part of PayPal’s plan to extend its cryptocurrencies offerings, including launching a “super app” digital wallet, open-baking integration, and third-party wallet transfers. Several major other financial companies in recent times have embraced cryptocurrencies in different ways. Earlier, Mastercard and Visa also expressed their interest in offering crypto services.
We are delighted to share that all eligible customers in the UK can now buy, hold and sell #Cryptocurrencies #Bitcoin, #Ethereum, #BitcoinCash & #Litecoin from their PayPal account. Look out for it in the PayPal app.
— PayPal UK (@PayPalUK) September 17, 2021
PayPal CEO confirmed the code for the initial version of the super app wallet is complete and in testing.
During Wednesday’s second-quarter earnings conference call, PayPal CEO Dan Schulman provided updates on the company’s cryptocurrency plans and progress. He stated, “We continue to be really pleased with the momentum. We’re seeing on Cryptocurrency, and we’re obviously adding incremental functionality into that.” Schuman further added that the code for the initial version of the super app wallet is complete and in testing. New features will include high yield savings, early access to direct deposit funds, new and improved bill pay functionality, messaging capabilities outside of P2P to enable family and friend communications, as well as additional Cryptocurrency capabilities and customized deals and offers.