PayPal Increases Cryptocurrency Purchase Limit To $100,000 Per Week

PayPal Increases Cryptocurrency Purchase Limit To $100,000 Per Week

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UKRAINE – 2021/04/30: In this photo illustration, PayPal logo is seen displayed on a smartphone … [+] screen in front of cryptocurrency signs. (Photo Illustration by Pavlo Gonchar/SOPA Images/LightRocket via Getty Images)

SOPA Images/LightRocket via Getty Images

Payments giant PayPal has lifted its cryptocurrency purchase limit to $100,000 worth of digital assets per week for eligible customers in the United States, and removed annual limits altogether.

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As recently as February, PayPal customers’ weekly crypto purchase limit was $20,000. PayPal first let customers buy, sell, and hold cryptocurrencies — bitcoin, ethereum, bitcoin cash, and litecoin — directly from their PayPal accounts in October 2020. The move greatly expanded crypto’s utility by allowing individuals to use their holdings for purchases within Paypal’s 26 million strong, worldwide merchant network. 

While the firm has been quiet about it’s average monthly cryptocurrency volume, CEO Dan Schulman told Forbes in April he expected the number would hit $200 million within months.

PayPal’s crypto offerings are enabled through a partnership with crypto services company, Paxos Trust Company, which custodies and trades the assets on behalf of Paypal customers. When transactions are completed, PayPal customers’ crypto is converted into fiat to settle the transaction with the merchant. 

PayPal is not the only company to be taking note of rising consumer demand for cryptocurrency support. Electronic payments provider Visa supports debit cards issued by crypto exchange Coinbase and crypto services provider Crypto.com. Earlier this month, Visa partnered with crypto exchange BlockFi to launch the first crypto credit card.

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