PayPal, the renowned payment processor, has enhanced the weekly cryptocurrency purchasing limit of the users in the United States from US$20,000 per week to US$100,000 per week. The company believes that this move will enable its US users “more choice and flexibility in purchasing cryptocurrency”.
Before the launch of this crypto buying service in the US in October 2021, the payment processor initially announced that its users will be able to purchase US$10,000 worth of cryptos every week. However, the limit was increased to US$20,000 per week at the time of the launch.
The payment processing firm has been expanding its features for its cryptocurrency users in the United States since last year. Initially, it entered into a partnership with the leading cryptocurrency exchange, Coinbase, and then Venmo (the PayPal-owned payments firm) launched cryptocurrency trading in April 2021. Even before the announcement of Venmo, President and CEO of PayPal, Dan Schulman, said that he expected the monthly average volume of cryptocurrency transactions on PayPal to reach US$200 million within a matter of months.
As per analytics site Statista’s data, at the end of the first quarter of 2021, there are around 392 million active user accounts on PayPal. The company is highly bullish on blockchain technology and cryptocurrencies. That’s why it has invested in Blockchain Capital (a blockchain-focused firm) as well as TRM Labs (a blockchain intelligence platform).
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