![]() One of PayPal’s key contributions to the use of bitcoin and other digital assets as true currency replacements was accepting it for purchases at its Merchant Network. The access is now available to a limited set of PayPal users and will roll out to all U.S. PayPal only supports four cryptocurrencies: bitcoin (BTC), ether (ETH), bitcoin cash (BCH) and litecoin (LTC). This step moves PayPal deeper into the crypto payments and investments fields, as its customers are no longer landlocked within its ecosystem. “This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform,” Jose Fernandez da Ponte, PayPal’s senior vice president and general manager, blockchain, crypto and digital currencies, said in the announcement. See also: PayPal’s Scale Drives Crypto’s Utility ![]() Until now, PayPal had been a closed system, with customers only able to buy and sell crypto from PayPal itself and spend it only within PayPal’s 32 million-strong Merchant Network. Registered Office 22-24 Boulevard Royal, L-2449, Luxembourg R.C.S.The company announced on Tuesday (June 7) that people who hold cryptocurrencies in their PayPal account wallets will now to able to send and receive digital assets via external wallets and exchanges. However, to facilitate our cryptocurrency service, we also provide electronic money and payment services which are regulated – please refer to your PayPal User Agreement for further details.Ĭopyright © 2021 PayPal. Therefore, if something goes wrong with the cryptocurrency, you won’t be able to use the UK Financial Ombudsman Service, the European Consumer Center or have the protection of any UK or Luxembourg Financial Services Compensation Scheme. PayPal’s cryptocurrency service is not regulated by the UK Financial Conduct Authority or the Luxembourg Commission de Surveillance Du Secteur Financier. ![]() The cryptocurrency service is provided by PayPal (Europe) S.à r.l. All custody of and trading in cryptocurrencies is performed by a service provider through arrangements with other PayPal group companies. Consider seeking advice from your financial or tax adviser. None of the information provided by PayPal should be taken as tax, financial, legal, trading or investment advice. Purchases and sales of cryptocurrency aren’t reversible and cannot be changed. You can buy, sell and hold cryptocurrency through PayPal’s cryptocurrency service, but you can’t use it to send cryptocurrency. The gains or losses from your cryptocurrency sales may be subject to capital gains tax or income tax. You can buy as little as £1 of cryptocurrency so it’s ok to start small and only buy what makes sense for you. The value of cryptocurrency can rise or fall suddenly so you can lose money just as easily as you can make it. Please see our disclosure here for more information.Ĭryptocurrency is volatile. For further details on the exchange rate and cryptocurrency fees that will apply click hereīuying and selling cryptocurrency is subject to a number of risks and may result in significant losses and the loss of all the money you have paid for it. The exchange rate may include a margin that PayPal earns on each purchase and sale and conversion between your electronic money in pounds sterling and the relevant cryptocurrency which is purchased in US dollars. Users are advised to read the terms and conditions carefully.Ģ When you buy or sell cryptocurrency, we will disclose an exchange rate and the transaction fee you will be charged for that transaction.
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