PayPal increases weekly cryptocurrency purchase limit to $ 100,000 and removes annual limit – Finance Bitcoin News

The payment giant PayPal has increased its weekly purchase limit for cryptocurrencies and removed the annual limit entirely. The company said, “These changes will allow our customers to have more choice and flexibility when buying cryptocurrency on our platform.”

PayPal increases the purchase limit for cryptocurrencies

Paypal Inc. announced on Thursday that it had increased its purchase limits on cryptocurrencies. The company stated that since the launch of Paypal Crypto in the US in October 2020, it has been actively working with customers “to better understand their needs” with the aim of providing “a trusted and secure platform to buy, hold, sell and pay for “Provide cryptocurrency.”

The payment giant in detail:

As part of our effort to meet the ever-changing needs of our customers, we are pleased to announce that we have recently increased the cryptocurrency purchase limits for eligible PayPal customers in the US to $ 100,000 per week with no annual purchase limit .

This is a five-fold increase from the previous weekly limit of $ 20,000 and a significant increase from the annual purchase limit of $ 50,000. The minimum crypto purchase is still $ 1 and the platform currently supports Bitcoin, Ethereum, Litecoin, and Bitcoin cash.

“These changes will allow our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” noted PayPal.

The company said in the first quarter that its crypto service was showing “really great results.” In April, CEO Dan Schulman said the demand for cryptocurrencies on the PayPal platform was “many times” of initial expectations.

After the launch of Paypal Crypto, the company launched a similar crypto service on Venmo for 70 million users to trade cryptocurrencies. In March, PayPal introduced “Checkout with Crypto” to enable cryptocurrency payments in millions of stores. PayPal automatically converts the cryptocurrency into US dollars or another currency at the time of purchase. In May, PayPal announced that it would allow withdrawals to third-party wallets.

What do you think of PayPal increasing the purchase limits for cryptocurrencies? Let us know in the comment section below.

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