PayPal launches crypto buying and selling in the UK

As you may recall, PayPal announced in March the launch of “Checkout with Crypto” to enable PayPal customers in the U.S. to checkout with cryptocurrency alongside other payment methods in the PayPal wallet. At the time, the payment giant said it planned to expand the service to other countries.

Today, PayPal announced the roll-out of the first international expansion of the “Checkout with Crypto” service customers in the UK. Starting this week, UK customers will be able to buy, sell and hold bitcoin and other cryptocurrencies, the company said on Monday.

Due to the popularity of Dogecoin and bitcoin, cryptocurrency has been gaining mainstream adoption in recent months. Global crypto adoption has increased by 881% from a year ago. In the United States alone, 14% of American adults (roughly 21 million people) now own cryptocurrency, according to a study conducted by crypto exchange company Gemini.

PayPal said Building on the ability to buy, hold and sell cryptocurrency with PayPal, customers using Checkout with Crypto can check out safely and easily, converting cryptocurrency holdings to fiat currency1 at checkout, with a certainty of value and no additional transaction fees. Checkout with Crypto will automatically appear in the PayPal wallet at checkout for customers with sufficient cryptocurrency balance to cover an eligible purchase.

PayPal currently has over 403 million active accounts globally and more than 29 million merchants. The new service could prove pivotal in helping boost the global adoption of cryptocurrency.

PayPal launched cryptocurrency buying and selling in the United States early this year, later enabling customers to use their digital coin holdings to shop at the millions of merchants on its network.

“As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet,” said Dan Schulman, president and CEO, PayPal. “Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”