PayPal increases crypto purchase limits to $100K
PayPal now allows its U.S.-based users to purchase up to $100,000 in crypto per week.
In the announcement, the payment giant said that the company has increased the crypto purchasing limit for certain customers based in the United States from $20,000 to $100,000 per week.
The move was aimed at giving users more choice and flexibility in purchasing cryptocurrency, the company said.
PayPal announced that it would be moving into the crypto sector in October 2020, later allowing eligible customers based in the United States to use cryptocurrencies for trading and payments. Though the company initially announced users would be limited to purchasing $10,000 in crypto each week. Later, the feature launched with a $20,000 limit.
The payment platform has been working to expand its features for crypto users since last year, partnering with Coinbase to allow crypto purchases through the major exchange, while the PayPal-owned payments firm Venmo launched crypto trading in April.
Paypal CEO Dan Schulman said before Venmo’s announcement that he expected the average monthly volume for crypto transactions on PayPal to reach $200 million in a matter of months.
According to Statista, PayPal had roughly 392 million active user accounts as of the first quarter of 2021. The payment company has continued to invest in blockchain-focused firms including Blockchain Capital and TRM Labs.
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