Bitcoin lands on PayPal in UK : Payments giant wants to democratize BTC

By: Bharggavi Ssayee

Bitcoin lands on PayPal in UK : Payments giant wants to democratize BTC

August 29, 2021 9:35 AM

For several months now, the online payment giant PayPal has looked at cryptocurrencies. After launching a service dedicated to them in the United States, PayPal is settling its suitcases in Europe, more specifically in the United Kingdom.

 

The history of PayPal and cryptocurrencies

At the start of last summer, a crazy rumor was circulating in the cryptocurrency sphere that online payments giant PayPal was about to accept cryptocurrency. A few months later, in November 2020, the latter officially announced the launch of a crypto buying and selling service from his platform. Thus, the company's customers finally had the ability to buy or sell bitcoin (BTC) as well as other cryptocurrencies, such as ether (ETH), litecoin (LTC) and bitcoin cash (BCH). ).

 

Unfortunately for Europeans, this service was only available to customers based in the United States.

 

Faced with the exponential demand for this new service, PayPal opened wide the floodgates by gradually increasing the purchase limit from 10,000 dollars per week, to 20,000, then to 50,000 and finally to 100,000 dollars, at the end of the day. last July.

 

In addition to this buy and sell service, PayPal has added the ability to pay in cryptocurrency to its Venmo mobile payment service.

 

On the negative side, it is still impossible for users to withdraw their cryptocurrencies to a wallet external to PayPal, although the company is considering offering withdrawals in the future.

 

PayPal lands in the UK

Just over 10 months after launching its product in the United States, PayPal is finally starting to expand its service to other countries. According to information reported by Reuters, UK customers will be able to take advantage of this offer from 23 August.

 

"We are committed to continuing to work closely with regulators in the UK, and around the world, to offer our support - and significantly contribute to shaping the role that digital currencies will play in the future of the world. global finance and trade. "

 

Jose Fernandez da Ponte, vice president and general manager of blockchain at PayPal

Although the fees charged in the United Kingdom for the purchase of cryptocurrencies have not yet been communicated, it is a safe bet that they align with those in the United States, i.e. 50 cents below $ 25 and up to 1.5% for purchases over $ 1,000.

 

Due to its presence in Britain, PayPal now competes with local giants, such as Coinbase and the neo-bank Revolut. However, unlike other companies of its stature, PayPal does not hold any cryptocurrency in its treasury, as the company is not (yet?) Very fond of the ups and downs inherent in these types of assets.

 

Another world-class payments company has taken it one step further in the crypto universe. Indeed, on August 23, VISA announced the acquisition of an NFT CryptoPunk for a whopping $ 165,000. Will companies in this sector succeed in globalizing Bitcoin and its cadets?