Digital Assets: PayPal Bumps Up Crypto Purchase Limits Five-Fold

July 16, 2021 | Digital Assets, News
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Also, no annual limits apply any more.

Paypal (NASDAQ: PYPL) announced Thursday that it was boosting its weekly crypto spending limit five times from $20,000 to $100,000. It also said it had cancelled its annual spending ceiling of $100,000. (CryptoNews.com)

“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” Jose Fernandez da Ponte, PayPal’s vice president and of blockchain, crypto and digital currencies said in a statement Thursday.

Crypto-customer focus

In October 2020, PayPal was said to have played a major role in triggering a rally in the price of bitcoin after the payments giant let users buy cryptocurrencies on its platform.

The company also said in Thursday’s announcement that it continues to “update our in-app guides and educational materials on cryptocurrency, provide answers to commonly asked questions, offer insights into the world of crypto, and help demystify some misconceptions customers may have about crypto.”

PayPal positive on cryptos

On its first quarter results, Paypal was highly enthusiastic about the crypto business. “We’ve got a tremendous amount of really great results going on tactically with our crypto efforts,” said PayPal CEO Dan Schulman.

The company said it will roll out a “next-generation digital wallet” in the third quarter. It is expected to be an “all-in-one, personalized app [that] will provide increasingly customized and unique shopping, financial services, and payments experiences.”

Later, Schulman said in an interview with TIME that “demand on the crypto side has been multiple-fold to what we initially expected. There’s a lot of excitement.”

Last month, PayPal Ventures made a follow-on investment in cryptocurrency compliance and risk management platform TRM Labs when it closed a $14 Million Series A funding round.

PayPal also invested last month, for the first time, as an LP in Blockchain Capital’s fifth venture fund, a $300 million war chest focused on blockchain and digital assets.

Related Story:   U.S. Shoppers Can Now Pay With PayPal’s New “Checkout With Crypto”

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