PayPal increases the purchase limit for crypto-currencies

14. November 2020

PayPal’s crypto-currency service increases your crypto-currency purchase limit to $15,000 per week. In general, for your eager customers.

According to Dan Schulman, PayPal’s CEO: „Currently, 10% of customers in the United States have access to PayPal’s new service. The rest will have their access to the tools within the next two to three weeks“.

As a result, after the announcement on October 21, PayPal saw enough interest from its customers. Therefore, it has increased the limits for buying cryptosystems from $10,000 to $15,000 per week.

Dan Schulman rightly stated: „There will be greater opportunities for PayPal’s customers in an economy that embraces digital identity. Specifically, fully digital payments and financial services.

Bitcoin and PayPal

It is also true that Bitcoin (BTC) experienced a 15% increase in price. This was in response to the October 21 announcement. In contrast, the price of PayPal shares has tended to fall by 12%.

The famous announcement on 21 October „Payment giant adopts crypto coins“

As if that were not enough, the announcement comes when several central banks begin to make plans to introduce their own cryptosystems.

In fact, since the end of last year, PayPal indicated that the COVID-19 pandemic had driven the need for digital payments.

PayPal Holdings Inc, officially confirmed on October 21, that it had entered the cryptomoney market.

Initially, the service supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC).

The payment giant also partnered with Paxos to offer the service. And it obtained a conditional crypto-currency license from the New York State Department of Financial Services, known as BitLicense.

In fact, starting in early 2021, PayPal customers will be able to convert their cryptomoney balance to fiat currency. Very important, with certainty of value and without incremental fees.

Training in crypto-currency for PayPal users

Obviously, PayPal account holders will receive educational content, to help them understand the ecosystem of cryptosystems. In addition, they will learn about the risks and opportunities of investing in crypto-currencies and information about Bitcoin Supreme the Blockchain technology.

How to create a PayPal account?

By the way, to create your PayPal account you only need to enter the official website and choose the type of account you want to create (personal or business). Once you have selected the account you have to complete a registration form with your personal details, address and contact methods.

Then, you have to wait to receive the confirmation email, and that’s it, you can start using your PayPal account.

In closing, Dan Schulman said: „PayPal hopes that the service will encourage the global use of virtual currencies and prepare its network for new digital currencies. That can be developed by central banks and corporations“.

So, there’s no turning back, PayPal has increased the limit on purchases of cryptomoney, do you agree with this decision? Leave us your opinion in the comment box.

I leave with this sentence by Dan Schulman: „The transition to digital forms of currency is inevitable.