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.