Financial services giant PayPal has expanded the limit to the amount of crypto that its users can purchase in a week. The company’s Vice President and General Manager of Blockchain, Crypto, and Digital Assets, Jose Fernandez da Ponte shared this news through a press release on July 15. Reportedly, PayPal has stretched the weekly crypto purchase limit five-fold to $100,000.00 (£72,420.00). On top of this, the financial services firm lifted the annual limit.
According to the news release, these changes only apply to eligible account holders in the US. Explaining the motivation behind raising the crypto purchase limits, PayPal said it has been holding talks with its clients to better understand their needs. As such, increasing the purchase limits its part of its wider goal of providing an efficient, trusted, and secure platform that facilitates seamless buying, holding, selling, and checking out with crypto.
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PayPal further disclosed that it is updating its in-app guides and education materials regularly to help its users learn about crypto. By offering crypto insights, the company seeks to shed light on the misconceptions that customers might have on the rapidly-growing asset class.
Increasing efforts to improve crypto features
This news comes after PayPal dipped its toes in crypto in October last year by allowing select eligible US clients to use cryptocurrencies for trading and payment. While the company’s initial statement mentioned that it would set a weekly crypto purchase of $10,000.00 (£7,242.00), the crypto feature went live with double the indicated amount.
Since then, PayPal has been working on expanding its crypto features, efforts that have seen the company provide all eligible users in the US access to the platform. In April, the company joined hands with leading crypto exchange Coinbase to streamline digital asset purchases.
Apart from this, PayPal-owned Venmo rolled out crypto services, allowing its user base of more than 70 million to buy, hold, and sell crypto directly. At launch, the platform offered trading for Bitcoin (BTC/USD), Litecoin (LTC/USD), Ethereum (ETH/USD), and Bitcoin Cash (BCH/USD).
Banking on the increasing use of crypto and the belief that digital assets are the currency of the future, PayPal’s CEO, Dan Schulman, said he believes PayPal will hit a transaction volume of $200 million (£144.83 million) in a few months. Explaining why he thinks PayPal’s crypto business will achieve such a massive milestone a few months after its launch, Schulman pointed out that the company has more than 375 million users and 30 million merchants across the globe.
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