Global giant payments platform PayPal will now offer customers based in the United States to buy up to $100,000 in cryptocurrency per week. In an announcement, the company stated that it has extended services and increased the limit from the previous limit of $20,000.
In the announcement, PayPal noted that it would be offering the increase to customers who are eligible, saying that the shift “will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”
In October last year, PayPal announced that it would be offering cryptocurrency services at a limited capacity. For customers in the United States, $10,000 could be purchased. This the increased to the $20,000 weekly limit – which has just been increased. With almost 400 million active users on the platform, PayPal’s cryptocurrency offering is a massive step in greater adoption in the scene. With partnerships like Coinbase and PayPal-owned Venmo, cryptocurrency purchasing and trading has been integrated into the platform. Earlier this year, CEO Dan Schulman noted that he sees the monthly average of cryptocurrency transactions shoot to $200 million soon. In April, he offered where he sees the future of the industry, saying:
“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.”
The platforms giant will also be offering new investors in the space and current customers looking to explore deeper material on cryptocurrency. With the cryptocurrency scene complicated in regards to trading and technology for a fresh investor, offering information might help avoid them falling prey to scams and schemes. As per PayPal:
“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.”