PayPal Is Now Embracing Cryptocurrency In A Huge Way
PayPal is upgrading its crypto experience in a big way. Users can now trade up to $100,000 of crypto every week — eliminating the old $20,000 limit.
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The PayPal app is getting a big update for how it handles cryptocurrency — now allowing users to purchase far more of it than ever before. Although it’s technically been around for years, crypto has become considerably more mainstream in the past few months. Along with apps like Coinbase blowing up, the ability to trade crypto has also made its way to the likes of Robinhood, SoFi, Cash App, Venmo, and more.
In the case of PayPal, specifically, the payment processor has taken a strong liking to crypto since late last year. The company added the ability to trade select cryptocurrencies in November 2020, including Bitcoin, Bitcoin Cash, Litecoin, and Ethereum. This past March, PayPal went a step further by allowing users to even pay for things in PayPal Checkout using their crypto. PayPal still has some room left to grow on the crypto side of things, but it’s quickly becoming a dominant force in the space.
Thanks to a recent update to PayPal’s crypto business, that point has been made even clearer. According to CNBC, PayPal is drastically increasing people’s crypto purchasing limit. Users could previously only purchase up to $20,000 of crypto per week — not to mention there being an annual limit of $50,000. As of July 15, 2021, PayPal users can now purchase up to $100,000 worth of crypto every week on the app. Even better, the annual limit is gone completely. While this won’t have an impact on people that are casually trading bitcoin and other digital currencies, it’s a huge win for people that are more heavily invested in the niche.
Other Ways PayPal Is Upping Its Crypto Game
Along with expanding purchase limits, PayPal is also adding additional tools for folks that are new to the whole crypto game. More information is being added to the company’s in-app education materials, which will hopefully give people a better understanding of cryptocurrency and make them more comfortable trading it. Per PayPal’s vice president of digital currencies, “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”
With these changes being implemented in the main PayPal app, it’ll be interesting to see if they also come to the PayPal-owned Venmo. Crypto purchasing on Venmo is still limited to the old PayPal rules, including up to $20,000 per week and $50,000 per year. One can hope the increased $100,000 limit is reflected on Venmo, too, but it’s also possible PayPal wants to keep Venmo limited to casual trading while PayPal offers enhanced options. Either way, it’s safe to say that PayPal isn’t leaving the crypto market any time soon.
Link Source : https://screenrant.com/paypal-cryptocurrency-purchase-limit-increase/