Paypal’s move could be a catalyst for mainstream adoption
PayPal, as of this week, will allow its UK-based customers to buy, sell and hold bitcoin and other cryptocurrencies, the company confirmed on Monday.
It is the first time PayPal has expanded such services beyond the US and the move has been tipped as a catalyst for additional mainstream adoption of cryptoassets.
The financial firm, with over 400k active accounts across the world, is one of the largest companies to offer access to crypto.
PayPal allowed its US customers to buy and sell crypto earlier in the year, in addition to being able to shop at millions of merchants on its network.
“We are committed to continue working closely with regulators in the UK, and around the world, to offer our support— and meaningfully contribute to shaping the role digital currencies will play in the future of global finance and commerce,” Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said in a statement.
PayPal users can begin investing in crypto with as little as £1 or $1, however, there are limits in place on the maximum investment amount.
For example, in the UK, investors won’t be able to purchase more than £15,000 of crypto in a week.
The volatility and lack of regulation around the industry has been seen as an obstacle to their adoption by large payment companies such as PayPal.
The price of bitcoin surged above $50,000 overnight, bringing it to its highest level since May.
Expectations are building across the industry that bitcoin could be in for another bull-run to new all-time-highs and beyond.