PayPal, an online payments financial technology firm operating perhaps one of the most recognized brands in the payments industry, announced today that it will be increasing crypto purchase limits for its users for up to $100,000 worth of crypto on a weekly basis.
According to PayPal’s announcement, the decision came as a result of the need to provide customers with a broader range of choices, as well as flexibility for managing their crypto funds on the platform.
“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.” PayPal stated.
The announcement comes at the heels of PayPal’s major strategic headways into the crypto and blockchain space from back in October 2020. The platform has since allowed eligible customers based in the U.S. to purchase and use cryptocurrencies for both trading and payment settlements.
“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.” shared PayPal in a blog post announcing the updated policy.
Notably, PayPal’s digital payments subsidiary Venmo has also launched crypto trading in April this year. PayPal CEO Dan Schulman has shared in an earlier statement that PayPal projects some $200 million in average monthly trading volume.
At the launch of its crypto services, PayPal previously announced that it will be providing users with a $10,000 limit guaranteed for crypto purchases per week. This was not the case, however, as the platform’s limit feature launched with a $20,000 limit instead. With the new $100,000 limit, it can be projected that more users may opt to use PayPal as their primary means of crypto purchases. To date, PayPal serves over 392 million users across the globe.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.