Payment giant PayPal is deepening its involvement in the crypto industry as it has increased the crypto purchase limit to $100,000 per week for registered US customers. Before this move, crypto purchases were limited to 20,000 per week.
PayPal announced the news in a blog post on Thursday, July 15th. According to the announcement, registered customers in the US will now be able to buy up to $100,000 in crypto per week, without any other monthly or yearly limit. PayPal said that the move came in response to its clients’ feedback that wanted to buy more cryptocurrencies with PayPal.
The announcement reads:
“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 also announced that was improving its crypto educational material to help customers fully understand cryptocurrencies and “help demystify some misconceptions customers may have about crypto.”
PayPal Behind the Last Crypto Bull Run
As Crypto Economy reported, PayPal launched its crypto services on October 21, 2020. Through its crypto services, PayPal enabled its customers to buy, hold, and sell cryptocurrency directly from their PayPal accounts. The move initiated a crypto bull run in which almost all the crypto assets saw a surge in their price.
Bitcoin and Ethereum, the top two valuable crypto assets respectively, achieved many milestones during this bull run. PayPal’s backing, along with similar moves by other institutions like MicroStrategy, Square, Tesla, and banks like BNY Mellon, served to propel the price of Bitcoin (BTC) to record highs that touched $65,000 in April 2021. Ethereum (ETH) registered an ATH of $4,362 in May 2021, according to CoinMarketCap.
In March 2021, PayPal launched the “Checkout with Crypto” service that allowed its customers to use their cryptocurrency holdings to pay at millions of its more than 26 million online merchants globally.
PayPal currently supports Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC). The company also has plans to brings crypto services to its social payment platform Venmo in 2021.
The recent move to increase the crypto purchase limit shows that despite the current troubled market times, businesses and institutions now feel more comfortable with cryptocurrencies. Such things are good for the industry as businesses adoption is necessary to reach mainstream crypto adoption.
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