- PayPal removes its annual crypto purchase limit.
- It also increased the weekly crypto purchase limit from $20,000 to $100,000.
- The payments platform hopes to offer its users more flexibility in buying cryptos.
Seeing great results from opening crypto purchases on its platform, PayPal has made the decision to increase the weekly limit for users on purchasing cryptos. More so, it has also completely removed the annual limit.
The payments giant had an annual purchase limit of $50,000. This cap is now gone. Users are now treated to the chance of buying as many cryptos as they wish. However, the weekly purchase limit is still in effect.
Users on the platform can now buy up to $100,000 crypto per week. This is a 5x increase from the previous weekly limit of $20,000. Still, any crypto purchase made by any user on the platform must be at a minimum of $1.
Note that this still only applies to the PayPal users living in the US. This is no surprise as the purchase of cryptocurrencies on the PayPal platform was only ever available to US-based PayPal users.
Specifically, PayPal began allowing crypto purchases on its platform from October 2020 onwards. In fact, they began by allowing users to buy Litecoin (LTC), Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH). Their choice for buying other cryptos is still yet to grow.
PayPal believes that removing the annual limit and increasing the weekly limit will enable its users to exercise more flexibility in buying cryptos on its platform. Back in April, the CEO, Dan Schulman said the platform saw fantastic results in the first quarter alone.
Therefore, the brand’s decision to extend the weekly purchasing limit and remove the annual limit is no surprise. Schulman says the demand for cryptos on the PayPal platform is rapidly increasing.
Besides its own platform, the brand is showing its support for cryptocurrency adoption in many other ways. For instance, just three weeks ago PayPal and Visa together contributed towards a $300 million blockchain capital fund.