PayPal stock: Can cryptocurrency help PayPal gain more value?

PayPal Holdings Inc (NASDAQ: PYPL) is the world’s largest digital payment processor, offering services to individuals and businesses across the globe. PayPal stock has increased nearly 25 percent on a year-to-date basis. The 52-week range of the stock is $171.63 – $310.16, while the company’s market value is hovering around $339.736 billion.

Latest Development

PayPal recently launched support for cryptocurrencies in the U.K. Its customers will now be able to buy four digital coins, including Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). The purchases can be made using a linked bank account. The company is already offering support for digital coins in the U.S.

U.K. users who want to buy cryptocurrencies can now do so by either visiting the PayPal website or using its mobile app. The minimum amount they can use to buy any cryptocurrency is 1 pound. However, they will have to pay a transaction fee every time they buy or sell a digital coin. The fee will vary according to the size of the transaction.

PayPal has set some limits for its U.K. customers. For instance, users won’t be able to spend more than 15,000 pounds for a single crypto purchase. Moreover, the maximum cryptocurrency purchases during one year cannot exceed 35,000 pounds.

Bottomline

PayPal has expanded the support for cryptocurrency for the first time outside the U.S. The U.K. launch will help PayPal increase its revenue from the region. The company also plans to add cryptocurrency support in its upcoming “super app” that it intends to launch in the near future.