The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Fintech

PayPal expands crypto offering and bets on it becoming mainstream

With one of the earliest fintechs now offering bitcoin, it seems that established finance is taking over crypto. Or could it be the other way around?

PayPal app is seen on a smartphone in this illustration taken
Photo: Dado Ruvic/Reuters

On August 23, PayPal announced that it will allow customers in the UK to buy, hold and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash in their PayPal accounts.

It marks the first expansion of PayPal’s cryptocurrency offering outside the US since its launch there in October 2020.

Customers can fund purchases using their bank account or debit card. If they choose to sell cryptocurrency, funds are expected to be available quickly to spend. There are no fees to hold cryptocurrency in a PayPal account, though there are transaction charges and currency conversion fees for buying and selling.

The pandemic has accelerated digital change and innovation across all aspects of our lives
Jose Fernandez da Ponte, PayPal
Jose Fernandez da Ponte_400.jpg

“The pandemic has accelerated digital change and innovation across all aspects of our lives – including the digitization of money and greater consumer adoption of digital financial services,” states Jose Fernandez da Ponte, vice-president and general manager, blockchain, crypto and digital currencies at PayPal.

As the news hit, the price of bitcoin edged above $50,000 for the first time since its crash in May, putting it up 69% for the year to date.

PayPal


You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree