PayPal announced that it was upping the amount of cryptocurrency users can purchase by five times. Evidently, PayPal increases purchase limits to $100,000 per week for eligible users in the US. PayPal has also scrapped the yearly purchase limit.
“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” Jose Fernandez da Ponte, PayPal’s VP & GM, blockchain, crypto, and digital currencies said in a release.
PayPal says that it alway tries to understand its customers’ needs. It provides a trusted and secure platform to buy, hold, sell cryptocurrencies. In march, it started checkout with cryptocurrency feature to allow users to use their cryptocurrencies to pay for things. Its US (outside of Hawaii) customers can use cryptocurrencies to pay for goods and services.
PayPal previously let its users carry out the purchases of $20,000 weekly and $50,000$ annually. In October 2020, PayPal announced that it would be moving into crypto space. Later, it allowed its users in the United States to use cryptocurrency for trading and payments. It later added the capability to buy bitcoin, ether, litecoin and bitcoin cash on its mobile payment app, Venmo. In May, PayPal announced it will begin allowing customers to withdraw their cryptocurrency to outside wallets. PayPal also stated that it would continue to help customers learn and understand cryptocurrency.
“To help our customers learn more about crypto, we continue to update our in-app guides and educational materials on cryptocurrency, provide answers to commonly asked questions, offer insights into the world of crypto, and help demystify some misconceptions customers may have about crypto.”
