PayPal Increases Weekly Crypto Purchase Limit to $100,000
- PayPal increased its weekly crypto purchase limit by five times, from $20,000 to $100,000.
- The company also completely lifted its annual purchase limit of $50,000.
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PayPal has upped the amount of cryptocurrencies its users can purchase weekly by five times. According to a report from CNBC, the payments giant has not only allowed users to buy $100,000 worth of cryptocurrencies each week, but has also completely lifted the annual cryptocurrency purchase limit of $50,000.
Jose Fernandez da Ponte, the Vice President of Blockchain, Crypto, and Digital Currencies at Paypal, said the changes will enable its customers to have more choice and flexibility when purchasing cryptocurrencies.
PayPal was able to offer crypto purchases through a partnership with the Paxos Trust Company, which custodies and trades digital assets on behalf of PayPal’s customers. This enabled customers in the U.S. to spend their crypto holdings — which are converted into fiat when transactions are completed — at PayPal’s 26 million merchants worldwide.
And while PayPal still hasn’t revealed its average monthly cryptocurrency volume, the company’s CEO Dan Schulman told Forbes in April he expected the number would hit $200 million within the next few months.
- PayPal USD (PYUSD) will be issued by Paxos and the Ethereum blockchain, and is backed by U.S. dollar deposits, short-term Treasuries, and similar cash equivalents.
- The company said the stablecoin can be redeemed for U.S. dollars at all times, and exchanged for any other crypto supported by the platform, including BTC, ETH, BCH, and LTC.
PayPal logo and sign in front of PayPal Holdings headquarters building in North San Jose Innovation District in Silicon Valley, San Jose, California, USA, 17 March, 2019. Michael Vi/Shutterstock
- The new funding will help Chaos Labs build out and expand its suit of risk and security products that can help DeFi protocols.
- The seed funding round was co-led by PayPal and Galaxy Digital, but also saw participation from including Coinbase Ventures, Polygon, Avalanche, OpenSea, Uniswap, and others.
- PayPal’s new app will provide a personalized view of the customers’ account balance, wallet, payments, and finances.
- The improved mobile application will bring a slew of features to its users, including direct deposits, bill pay, a digital wallet, crypto capabilities, and more.