At first, users could only buy, sell and hold crypto with PayPal. PayPal first added support for cryptocurrency in October 2020, making headlines as it was one of the first mainstream payment technology providers to make such a move. “We’re excited to connect PayPal’s customers to other wallets, exchanges and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead,” he wrote. In a blog post, Jose Fernandez da Ponte, PayPal’s senior vice president and general manager of blockchain and digital currencies, said the new feature was one of the most common requests it has received from users. Or they can transfer tokens from PayPal to a third-party wallet or exchange, with no fees, though network fees known as “gas” may apply, depending on the cryptocurrency. ![]() For instance, users can now send funds from another wallet, such as Coinbase Wallet, to the PayPal app. However, the new update means PayPal’s crypto wallet now has similar features to others. Prior to today’s announcement, PayPal already allowed users to buy and sell bitcoin, Ethereum, Bitcoin Cash and Litecoin from within its app, and also use crypto to pay at checkout for many goods and services. has announced expanded cryptocurrency features, enabling users to send and receive funds to and from other wallets. Registered Office 22-24 Boulevard Royal, L-2449, Luxembourg R.C.S.PayPal Holdings Inc. 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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