What Happened: U.S. customers can now buy up to $100,000 in crypto on PayPal Holdings Inc PYPL per week.
The payments company said in a Thursday press release that it would increase the existing purchase limit in order to enable customers to have “more choice and flexibility in purchasing cryptocurrency” on its platform.
The previous purchase limit for cryptocurrency was $20,000 per week.
Why It Matters: PayPal’s efforts in the crypto space date back to October 2020, when the company first announced plans to offer trading, and even shopping, with cryptocurrencies.
It later introduced buying and selling as little as $1 in crypto through its mobile payment app Venmo, opening up access to crypto trading from the app’s 70 million users.
In April, PayPal teamed up with Coinbase Global Inc COIN/USD to offer the crypto exchange’s clients the ability to purchase crypto using debit cards and bank accounts linked to their PayPal accounts.
However, at press time, PayPal’s wide userbase only has access to four different cryptocurrencies - Bitcoin BTC/USD, Ethereum ETH/USD, Litecoin LTC/USD, and Bitcoin Cash BHC/USD.
It is also worth noting that despite offering its customers the ability to make purchases with crypto, the crypto itself is converted into fiat currency before hitting the merchant’s account.
Price Action: Bitcoin was trading at $31,970 at the time of writing, up 2.12% over the past 24-hours.
Ethereum, Litecoin, and Bitcoin Cash also recorded a slight rise overnight.
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