PayPal, the payment provider company, has recently announced increasing its crypto purchase limits. The company will now allow U.S customers to purchase up to $100k worth of crypto on weekly basis.
The announcement was made on Thursday, according to the official statements PayPal has increased the limit of crypto purchases. The company will allow certain customers based in the United Stated to buy crypto ranging from $20k up to $100k per week. PayPal stated their new policy was directed at giving customers more choices, and flexibility when it came to purchasing cryptocurrency.
In October 2020, PayPal announced its plans to enter the crypto space, and after doing so the company allowed customers living in the United States to make payments using cryptocurrencies, and allowed them to trade. Initially, the company allowed customers to buy a limited amount of cryptocurrencies up to $10k each week, added features were launched later on with a $20k limit.
PayPal has been expanding its platform and added newer features for crypto users since the announcement last year. In a partnership deal with Coinbase, the platform allowed users to purchase crypto through the major exchange, while Venmo, a payment firm owned by PayPal, launched crypto trading in April. Before Venmo announced the collaboration, the CEO of PayPal Dan Schulman stated his expectations of crypto transactions. Schulman expected the average monthly volume for crypto purchases to reach $200 million on PayPal in a matter of months.
In March, PayPal announced a new feature that allowed U.S-based customers to use major cryptocurrencies at global merchants.
PayPal had an estimated 392 million active users account in the first quarter of 2021, according to Statista the analytics website. PayPal has continued to invest further in blockchain firms including Blockchain Capital, and TRM Labs, the blockchain intelligence platform.