The gradual acceptance of crypto among customers across the globe has not gone unnoticed by PayPal.
PayPal Holdings Inc (NASDAQ: PYPL), one of the largest online payments systems, in a recent announcement confirmed that the weekly crypto purchase limit has been increased from $20000 to $100000.
Besides raising the purchase limit, PayPal has also removed the annual crypto purchase limit of $50000. This service will be available for select US customers. The goal is to provide customers greater choice and flexibility in crypto purchase according to PayPal’s Vice President of Blockchain, Crypto and Digital currencies, Jose Fernandez da Ponte.
PayPal introduced the crypto service in October 2020 when customers were for the first time given an option to buy, sell and hold cryptocurrencies ranging from Bitcoin, Ethereum, Bitcoin Cash and Litecoin. This move enabled the payment giant’s 392 million strong customer base to make crypto-based payments at ease within its wide network.
PayPal: Shift towards Crypto
The gradual acceptance of crypto among customers across the globe has not gone unnoticed by PayPal. Since October 2020, the platform has been adding new features which include its partnership with one of the largest crypto exchanges Coinbase. Its in-house payments firm Venmo introduced crypto trading back in April. Apart from these direct actions taken in support of crypto, the company has also made investments in blockchain-based firms like Blockchain Capital and TRM Labs, a blockchain intelligence platform.
CEO Dan Schuman, in the past, has confirmed PayPal’s average monthly crypto transactions amounting to an impressive $200 million. However, the company has not yet revealed the actual numbers. Paxos Trust Company offers crypto services acts as a custodian of the crypto assets of PayPal customers. It enables all crypto transactions on the platform and converts the customers; crypto money into fiat at the end of crypto payments.
Customers have a wide variety of channels now to make payments in the crypto form. Apart from PayPal, Electronic Payments provider VISA accepts debit cards issues by Coinbase and Crypto.com. VISA recently launched its first crypto credit card in partnership with BlockFi, a crypto exchange platform. These new partnerships and crypto-friendly products are necessary for bringing these digital assets to the mainstream public to make crypto transactions more accessible.
With its stock currently trading at 296.51 USD on NASDAQ, PayPal is a US-based online payment entity that is also a wholly-owned subsidiary of eBay, another US-based MNC. It works on the goal of democratizing financial services so that customers across the globe can manage their payments without any hassles. It has been bringing about a digital payment revolution and in the course has brought to the market a lot of different features that help both consumers and join and thrive in the global economy. The online service is available in more than 200 countries and supports up to 25 different currencies thus making it truly global.