PayPal announces increase in cryptocurrency purchase limits
Online payments company PayPal has announced that it has increased its US customers' weekly cryptocurrency purchase limit. Previously, Paypal users could purchase up to $20,000 in cryptocurrency per week. This increased the limit to $100,000.
US customers of PayPal can trade Bitcoin, Bitcoin Cash, Ethereum and Litecoin. They can also use these cryptocurrencies to pay while shopping. In line with customer requests, PayPal increased the limits. Also, PayPal customers previously had an annual limit on purchasing cryptocurrencies, now there is no annual limit.
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.
Click to read the full statement made by PayPal
PayPal allowed its customers to trade and hold cryptocurrencies on PayPal in March. It also allowed its customers to pay with cryptocurrency when purchasing goods and services. Many customers were having trouble with the $20,000 weekly limit and wanted to trade more. For now, PayPal has increased this limit by 5 times, maybe it can increase it more in the future. Additionally, PayPal has announced that it will allow customers to transfer cryptocurrencies to outside wallets in the future. PayPal also acquired Curv, a crypto and digital asset custody service, in March.
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