PayPal Opens Door of Cryptocurrency to the Masses; Increases Weekly Purchase Limit to $20,000
“We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal,” states the online payments company on Thursday, 21 days back after first announcing its crypto inclusion.
Last month, on Oct. 21, PayPal went public with the news that a limited number of its customers, 10% user base, can buy, hold, and sell crypto, including Bitcoin (BTC), Ethereum (ETH), Bitcoin cash (BCH), and Litecoin (LTC) directly from their accounts.
Now, as the company president and CEO Dan Schulman shared in PayPal’s earnings call, it has also increased the weekly purchase limit to $20k, from the previous $10k, on the back of demand from its eager customers.
Next year, PayPal further plans to integrate cryptocurrencies in its merchant network by allowing users to make purchases with digital assets as well.
While there are no fees for holding crypto in your account, PayPal will charge $0.50 on transactions up to $24.99, 2.3% between $25 and $100; 2% on transactions of $100.01 to $200; $1.8% from transactions on $200.01 to $1,000; and 1.5% on the transactions over $1,000.
For now, Paypal is waiving fees until 2021 to get things started.
As we reported, the euphoria is still absent from the Bitcoin market despite the digital asset recording 57% gains in just over a month, currently trading above $16,000.
But with “PayPal bringing Bitcoin and crypto to the masses in record speed,” they will soon be rushing in, especially once Bitcoin blows past its all-time high of $20,000, which is just 23% away.