PayPal is extending its crypto service to the U.K., allowing customers to buy, sell and hold four different cryptocurrencies on its platform.
- The rollout is the first expansion of PayPal's crypto offering outside the U.S.
- The process will begin this week and should be available to all eligible customers within the next few weeks.
- Customers must have verified their identity in order to be eligible. PayPal business accounts will not be supported.
- The company has not yet allowed users to move crypto holdings off-platform, though this stance may change. Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies, said at Consensus 2021 in May that a withdrawal function is in the works.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.