PayPal announces increase in weekly crypto purchase limit from $20K to $100K
The move is aimed at giving users of PayPal's crypto trading feature more choice and flexibility when making purchases.
Fri, 16 Jul 2021, 08:09 am UTC
Payments giant PayPal announced that it has increased the weekly crypto purchase limit for users in the United States. The company also updated its in-app guides and other crypto materials as part of its efforts to improve its services.
PayPal has now increased its crypto purchase limit to $100,000 per week, the company announced via a blog post on its website. The amount represents a five-fold increase from the previous $20,000 weekly limit.
The move is aimed at giving PayPal users more choice and flexibility when making crypto purchases. However, the increase in the weekly limit is only applicable to U.S.-based users of the app.
“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,” the company announced. “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”
When PayPal announced the app’s crypto capabilities last year, the company initially said that there will be a $10,000 cap for weekly purchases of cryptocurrencies. However, the feature was launched with a weekly purchase limit of $20,000, according to Cointelegraph.
The payments giant said that it has been engaging with its customers to understand their needs. PayPal’s ultimate goal is to provide users with “a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.”
PayPal has also updated its educational materials to better assist those who want to learn more about crypto. These include updating its in-app guides, commonly asked questions, and the company’s insights into the crypto space.
PayPal President and CEO Dan Schulman believes that the shift to digital payments is inevitable. “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly,” he said last year.
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