PayPal – arguably the largest digital payment platform in the world – has some good news for crypto holders. The company announced that it was upping its weekly crypto spending limit to approximately $100,000. The firm has stated that it is also doing away with its annual $50,000 limit.
PayPal Customers Can Now Buy Six-Figures Worth of Crypto
Prior to this move, PayPal customers could only purchase as much as $20,000 in crypto every seven days. Now, it looks like that number has gone up five times. In a statement, PayPal explained:
We have been actively engaging with our customers to better understand their needs to help ensure we are providing a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.
Additional words came by way of Jose Fernandez de Ponte, the vice president of blockchain with PayPal. He explained in an interview:
These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.
PayPal initially announced in October of last year that it would be offering cryptocurrencies and related digital payment services to its customers. At the time, bitcoin – the world’s largest and most popular virtual currency by market cap – was trading for about $10,000 per unit, though following the news, the currency struck a new mark of $13,000, thereby rising roughly $3,000 in a rather short period.
The maneuver proved to be quite significant amongst average users,