JAKARTA - Digital payments giant PayPal has raised the limit on buying bitcoin and other cryptocurrencies to $100,000 per week for eligible customers in the United States. They don't even put a limit on annual purchases at all.
Last February, PayPal customers' weekly crypto purchase limit was US$20,000. PayPal first allowed customers to buy, sell and store cryptocurrencies such as bitcoin, ethereum, bitcoin cash, and litecoin, directly from their PayPal accounts in October 2020. This move greatly expands the utility of crypto by allowing individuals to use their holdings for purchases in 26 million Paypal merchant network worldwide.
While Paypal itself did not provide an answer for the average monthly volume of cryptocurrencies transacted so far. But CEO Dan Schulman told Forbes in April that he expected the number to reach $200 million in a few months.
PayPal's crypto offerings are enabled through a partnership with a crypto services company, Paxos Trust Company, which maintains and trades assets on behalf of Paypal customers. When the transaction is complete, PayPal customers' crypto is converted into fiat money to complete the transaction with the merchant.
PayPal isn't the only company noticing growing consumer demand for cryptocurrency support. Electronic payment provider Visa also supports debit cards issued by crypto exchange Coinbase and crypto service provider Crypto.com. Earlier this month, Visa partnered with crypto exchange BlockFi to launch the first crypto credit card.
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