Paypal announced last July 15 that it will allow eligible customers based in the United States to purchase up to $100,000 worth of cryptocurrencies per week. From $20,000, the weekly crypto purchase for the payment app increased drastically to accommodate more investors.
Vice-President of Paypal Jose Fernandez da Ponte discussed the potential effects of this decision, saying, ‘These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.’
Now, the new crypto purchase limit will allow Paypal users to buy and do more with their digital assets, especially with barely any limits on an annual basis.
According to an analysis made by technology blog network Engadget, this move marks a fivefold increase since the release of cryptocurrency services in Paypal. Through buying and making purchases with digital assets like Bitcoin, Ethereum, Litecoin and Bitcoin Cash, users have more leeway to make online purchases or trades.
Moreover, Paypal’s market of over 392 million account holders can now purchase cryptocurrency with a bigger price limit. These could be used for various online services with Paypal’s 26 million partner merchants.
According to CoinTelegraph, Paypal has been working to upgrade its features to get an edge over other competitors in the market like Venmo. Paypal also plans to partner with the popular crypto trading platform Coinbase to potentially cater to more customers.
In early 2020, Paypal President Dan Schulman said he expected the platform to reach an estimate of $200 million in terms of the monthly volume for crypto transactions.
‘We are moving into the era of digital currencies, and those digital currencies hold tremendous promise, whether these are cryptocurrencies or central bank digital currencies. I believe digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive,’ Schulman said.
The latest expansion in the Paypal app will reach out to millions of users on the platform daily. CFO of Paypal John Rainey said that most crypto users choose the platform more than others and that more than half of crypto users in America also have Paypal accounts.
With other updates and developments in the making, Paypal is yet to announce other improvements in their cryptocurrency services.
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