Crypto coming to PayPal as the firm embraces virtual currency in risky move

PayPal is to allow users in the UK to buy and sell cryptocurrencies through its app and website for the first time.

Crypto currencies on PayPal

Bitcoin, Litecoin, Ethereum and Bitcoin Cash are coming to the PayPal web and app (Image: Getty)

Make the most of your money by signing up to our newsletter for FREE now

Invalid email

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

The firm said its new service would allow customers to choose from four digital currencies: Bitcoin, Litecoin, Ethereum and Bitcoin Cash.

A new crypto tab will be added to the PayPal platform, showing real-time prices as well as answering common questions about cryptocurrencies, such as the potential risks.

Jose Fernandez da Ponte, vice president and general manager for blockchain, crypto and digital currencies at PayPal, said: “We’re working closely with regulators in the UK, and around the world, to shape the role digital currencies play in global finance and commerce.”

Crypto ATMs around the world

Cash for crypto: UK ranks third (Image: Daily Express)

The virtual currencies remain controversial because of their lack of regulation and volatile value fluctuations.

Some critics have raised concerns about the anonymity offered to users, arguing the currencies are being used by cybercriminals to hide their activities.

Harry Byrne

Harry Byrne

Related post