All eligible PayPal account holders in the U.S. can now buy, hold and sell crypto, the company announced Thursday. The firm also increased the amount of crypto that users can purchase in a week.
PayPal confirmed its crypto plans in a Oct. 21 announcement that sent shockwaves across the industry. The price of bitcoin has risen 32.54% from Oct. 21, the date of PayPal’s announcement, to Nov. 11, according to CoinDesk data.During the firm’s most recent earnings call on Nov. 2, CEO Dan Schulman said only 10% of PayPal customers in the U.S. had access to the crypto service at the time.
Citing steep demand, the publicly traded payments giant upped its weekly crypto purchase limits from $10,000 to $15,000 at the time and said remaining U.S. customers would get access to crypto in the next two to three weeks. By acting so quickly and raising the purchase limit yet again, PayPal is clearly finding a warm reception for its crypto offerings.
Due to initial demand from our customers, they’ve also increased their weekly crypto purchase limit from $10K/week to $20K/week, according to PayPal spokesman Aaron Gould.
Plans to bring crypto services to Venmo and international customers in the first half of 2021 remain unchanged, Gould said. The service comes by way of a partnership with Paxos, a registered fintech firm based in New York that will handle all crypto custody on PayPal’s behalf.
PayPal’s crypto service initially supports bitcoin (BTC, -1.46%), ether (ETH, -3.01%), bitcoin cash (BCH, -6.64%) and litecoin (LTC, -4.98%) – but only with limited functionality. Some have criticized the firm for its restrictive approach.
According to PayPal’s cryptocurrency terms and conditions: "You currently are NOT able to send Crypto Assets to family or friends, use Crypto Assets to pay for goods or services, or withdraw Crypto Assets from your Cryptocurrencies Hub to an external cryptocurrency wallet."
The views expressed in this article are the author's own and do not necessarily reflect the view of Amber Group. Amber Group shall not be held liable under any circumstances for any losses, damages or expenses arising from the use of any content mentioned in this article.
The information contained on this website is provided for informational purposes only, with no warranties, or guarantees made as to the accuracy, completeness or timeliness of it. Amber Group assumes no liability or responsibility for any errors or omissions in the information contained on this site. We strongly encourage you to conduct your own research before taking any action.
This site may contain copyrighted material, the use of which has not always been specifically authorized by the copyright owner. If you wish to use the copyrighted material from this site for the purposes of your own that go beyond 'fair use', you must obtain permission from the copyright owner. Authors or publishers who claim ownership of copyrighted articles reprinted on this website and wish for the content to be removed may email us directly at firstname.lastname@example.org
If you would like to connect with us about any of the distributed content or other inquiries, please email us at email@example.com with the relevant documentation.