The titan of online payments- Paypal, has made a major announcement for its U.S customer base. According to that Paypal will now allow its U.S customers to spend 5 times more on cryptocurrencies like Bitcoin, Ehereum, and other supported cryptocurrencies.
Paypal probably heard invisible chants of many crypto-linked Paypal users in the US. Paypal’s VP of Global Business Development- Jose Fernandez da Ponte stated:
“As a part of our efforts to meet our customer’s ever-changing requirements, we’re delighted to announce that we have raised the purchase limit of cryptocurrency for qualified Paypal customers in the United States to $100,000 per week without any annual purchase limit.”
Previously the purchase limit was $20,000 and the enhanced limit is a five times increase. So, the new weekly limit even tops the previous annual purchase limit of $50,000. That completely sounds incredible. However, the new update also comes with the company’s Terms and Conditions which says that the company “may alter the above limits for safety, security or other lawful reasons.”
As per Paypal’s VP Fernandez, these modifications are targeted to give customers more flexibility and choice in purchasing Cryptocurrencies on Paypal. Paypal further stated that they are periodically updating guides within the app including educational content on crypto for customer’s guidance, education, and assistance. Therefore they can get answers to their frequently asked questions. Paypal also offers acumens into the crypto world. That helps users to crack various misconceptions that they may have about cryptocurrencies.
In October of 2020 Paypal had declared that it will give the ability to buy and sell cryptocurrency like Bitcoin, ethereum, bitcoin cash, and litecoin to its US account holders. It launched a service that allowed customers to pay in crypto, in March 2021. Next month in Apr Paypal’s peer-to-peer mobile payment app called Venmo, started supporting Crypto as well. In June, Paypal doubled its crypto investment via crypto and blockchain-focused venture capital firm called Blockchain Capital and raised $300m in fundraising. So far, Paypal seems to be highly supporting Crypto and also getting lots of praises amongst crypto communities and circles in the U.S.