Recently, PayPal raised cryptocurrency limits for its U.S. customers to $100,000 per week without an annual purchase limit, enabling customers to have more choice and flexibility in purchasing cryptocurrency on the platform.
Well, the update is a five-fold increase from the previous weekly limit of $20,000 per week and a huge increase from the annual purchase limit of $50,000. The minimum crypto purchase at Paypal is $1 and the platform currently supports bitcoin, ethereum, litecoin, and bitcoin cash.
The payment giant also said that it would continue to update its in-app guides and educational materials on cryptocurrency, including answers to commonly asked questions and misconceptions about cryptocurrency.
Source: Paypal
Paypal launched "Checkout with Crypto", in March, to enable cryptocurrency payments at millions of stores. The platform automatically converts cryptocurrency into the U.S. dollar or other currency at the time of purchase. In May, the company announced that it will allow withdrawals to third-party wallets as well.
Paypal said that since the U.S. launch of Paypal Crypto in October 2020, it has been actively engaging with customers to better understand their needs, with the aim to offer "a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency."