PayPal to let users buy and sell cryptocurrency

PayPal has announced the launch of a new "Checkout with Crypto" feature, enabling users to buy and sell cryptocurrency on its online payment service.

Checkout with Crypto

Available both on the PayPal app and desktop version, Checkout with Crypto will initially support four cryptocurrencies - Bitcoin, Ethereum, Litecoin and Bitcoin Cash - when it launches this week.

The announcement follows the introduction of Checkout with Crypto in the US in October last year, and marks the first international roll-out of the service, with PayPal saying that it has been “working closely with regulators” ahead of the UK launch.

Users can access Checkout with Crypto on their usual PayPal account via the website or the mobile app, and purchase cryptocurrency assets with as little as £1.

All users have to do is click on the crypto tab on their app or desktop to view the four cryptocurrencies available, and view current pricing and trends. There is also the option to browse educational crypto content to help customers make informed investment decisions.

PayPal has stated that it has provided educational content to help users understand the “volatility, risks and opportunities” within the cryptocurrency ecosystem. It emphasises that customers should do their research before taking their first steps into the cryptocurrency sector.

There will be no transaction fees for buying or selling cryptocurrency, but PayPal has specified that only one type of coin can be used with each purchase.

The company has not yet announced when UK customers will be able to use cryptocurrency to buy or sell products and services directly from merchants.

Investing in crypto

If you’re yet to make the leap into crypto, make sure to check out our beginner’s guide to investing in bitcoin and cryptocurrency and find out what a crypto wallet is before you start. You can also check out our independent reviews of Coinbase and Gemini to help you decide which crypto exchange to invest with.