PayPal back in October, 2020 had announced the rollout of a feature that would enable their users to buy cryptocurrencies using the site. The rollout began with US customers and PayPal slowly spread it out to customers in other regions. Continuing on this streak, PayPal had treaded softly with the amount of cryptocurrencies it allowed its customers to purchase a week. And it had a yearly spend limit on customers.
Customers could only buy bitcoin and other crypto up to $20,000 per week at first, and purchases were limited to $50,000 per year. Now, the mega payments company has now revealed that it would allow customers to buy bitcoin and other crypto up to $100,000 weekly. And more importantly, the company was completely doing away with the yearly spend limit, now making it unlimited.
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The feature allows users to buy and sell crypto pithing the payments service. Further, customers can use the proceeds from the sale to pay for purchases through PayPal. PayPal had done this to increase offerings for their demanding customer base.
More Choice And Flexibility For PayPal Customers
PayPal’s Vice President said in a press release that the company was looking to open up customers to more options. The review of the spend limits will give users more choice and flexibility when buying and selling crypto on the platform.
Total crypto market cap continues to decline | Source: Crypto Total Market Cap on TradingView.com
According to Jose Fernandez da Ponte, the company had been actively engaging with customers to better understand their needs. It is from this that the company has decided that increasing spend limits would be the best thing going forward.
The company remains committed to providing a trusted and secure way for their customers to purchase crypto. Customers can also sell, hold, and checkout with PayPal using digital assets.
Continued Support For Crypto
This move is in an effort to provide customers with continued access to crypto. PayPal has taken advantage of the changing landscape to make sure they’re providing the best services to their customers.
As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.
PayPal continues to provide their customers with material and guides to facilitate their crypto journey. The company also hopes to help demystify whatever misconceptions customers may have about digital assets.
PayPal customers currently cannot send crypto to outside crypto wallet. This means customers can only use their crypto within PayPayl
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