In March 2021, Payments processing giant PayPal announced that it will let users “Checkout with Crypto,” offering options such as Bitcoin, Litecoin, Ethereum or Bitcoin Cash. Users who have enough cryptocurrency to cover a potential purchase on a website that accepts PayPal Checkout will see it pop up as a payment option. However, this service was only available to U.S. citizens.
Today PayPal announced that it is extending its crypto service to the U.K., allowing customers to buy, sell and hold four different cryptocurrencies on its platform. Users will be able transact in Bitcoin, Ether, Litecoin and Bitcoin Cash for as little as $1.40 USD, PayPal said.
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.
Withdrawing crypto off the platform still remains a problem that the company is constantly working on. Back in May, Jose Fernandez da Ponte, vice president of blockchain, crypto and digital currencies, said at Consensus 2021 that a withdrawal function is in the works.
The popularity of crypto investing has boosted PayPal’s earnings, resulting in a record year in 2020 and positioning both PayPal and its Venmo subsidiary to influence merchants to directly accept cryptocurrency.
