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PayPal Launches Crypto Service in Luxembourg

Validated Media

Online payment giant PayPal announced on December 7 it’s launching cryptocurrency buying and selling services to customers in Luxembourg. This would mark the second time PayPal is expanding crypto offerings after its initial debut in the United States over two years ago.

PayPal to Allow Luxembourgish Customers Buy and Sell Four Crypto

In the coming days, PayPal said the eligible customers in Luxembourg would be able to purchase, sell and hold digital currencies through the mobile app and website. However, the options are currently limited to four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. And the minimum purchase amount can be as little as €1, per the announcement.

PayPal said Luxembourg has a strong focus on innovation, and expanding the crypto offerings to local customers is “an important step in PayPal’s mission to make digital currencies more accessible.”

The payment company branched into the cryptocurrency space in October 2020, initially allowing customers in the United States to buy, sell, and hold the four cryptocurrencies on its platform. Later in 2021, PayPal expanded the service to customers in the United Kingdom.

PayPal Enables Crypto Transfers

In August, PayPal began trialling the option of allowing customers to send and receive digital currencies from external wallets, which was previously lacking and spurred criticism for the service shortly after the US debut.

Currently, only US customers are allowed to transfer or receive Bitcoin, Ethereum, Litecoin, and Bitcoin Cash from external wallets. No fees are charged for internal transfers between PayPal accounts. However, external transactions may constitute network or blockchain fees, PayPal said.

The transfer support was a significant flex for PayPal, which has since committed to expanding its presence in the cryptocurrency sector. In June, the company received a full Bitlicense from the New York Department of Financial Services (NYDFS), becoming the first entity to proceed from a previous conditional Bitlicense into a full Bitlicense.

(By Ibiam Wayas)

PayPal Crypto
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