PayPal Raises Weekly Crypto Purchase Limit to $100k with Annual Limit Removed Altogether
Payments giant PayPal has quietly increased the weekly limit to buy Bitcoin by 5x to $100,000.
PayPal announced this change this week, noting that ever since they allowed their users to buy, hold, sell, and checkout with cryptocurrency in October, they have been actively engaging with its customers to better understand their needs.
They aim to help their customers learn more about crypto; PayPal has continuously updated its guides and educational materials on crypto assets. They have also been helping demystify some misconceptions about crypto by providing answers to commonly asked questions.
Previously, the weekly limit was $20k, and $50K was the annual purchase limit.
“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” said Jose Fernandez da Ponte, VP & GM, Blockchain, Crypto, and Digital Currencies.
Crypto trading on PayPal is currently recording about $18 million, seeing an uptick from $4.8 million on July 11.
While seeing a small uptick, these figures were last seen in November when PayPal first started rolling out the feature to support cryptocurrencies.
The volume is far from the May 19 peak of nearly $305 million and before that $240 million in early January, as per ItBit, the digital asset exchange that provides liquidity for PayPal. ItBit is owned by New York-based financial institution Paxos, which is PayPal’s broker-dealer.