PayPal users can now buy up to $100,000 of Bitcoin and other digital currencies per week, up from a previous limit of $20,000. PayPal users can now buy up to $100,000 of Bitcoin and other digital currencies per week, up from a previous limit of $20,000. The company is also scrapping its annual purchase limit of $50,000.
US payments company said in a Thursday press release that it would increase the purchase limit and totally scrap the annual limit to enable customers to have “more choice and flexibility in purchasing cryptocurrency” on its platform, as said in a statement Jose Fernandez da Ponte, PayPal’s vice president and of blockchain, crypto, and digital currencies.
As he said in a statement on July 15, the company has been constantly interacting with its users on how to better serve them while also helping them improve their services.
PayPal first has allowed users to buy cryptocurrencies in October 2020. Later, it added the capability to buy Bitcoin, Ether, Litecoin, and Bitcoin Cash on its mobile payment app, Venmo. The product has a $1 spending requirement and lets users share crypto purchases with friends through Venmo’s social feed.
Later, in April 2021, PayPal teamed up with Coinbase Global Inc to offer the crypto exchange’s clients the ability to purchase crypto using debit cards and bank accounts linked to their PayPal accounts.
PayPal says it’s also adding to its in-app guides and educational materials on cryptocurrency to help dispel myths around virtual currencies. In January, PayPal made an investment in US-based tech startup Taxbit, which helps consumers and businesses calculate the taxes owed on cryptocurrency holdings.