Paypal removes the annual bitcoin purchase limits

Paypal brings bitcoin purchases to $ 100,000 a week. In fact, the maximum purchase limit previously set at $ 20,000 per week is increased. In addition, the annual purchase limit of $ 50,000 is also removed.

Paypal has therefore decided to increase the weekly purchase possibility by five times and to remove the annual ceiling.

Jose Fernandez da Ponte, VP & GM, of the Paypal section dedicated to blockchain, crypto and digital currencies explained :

“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we recently increased the cryptocurrency purchase limits for eligible PayPal customers in the US to $ 100,000 per week with no annual purchase limit. These changes will allow our clients to have more choice and flexibility in buying cryptocurrencies on our platform ”.

Paypal will also continue to release guides and educational materials for customers for:

“Help demystify some misconceptions customers may have about cryptocurrencies.” 

Concludes from Ponte:

“We look forward to working with our clients as they explore cryptocurrencies with PayPal and to hear the improvements they would like to see in our services.”

Paypal crowns bitcoin

The new features of Paypal apply to all supported cryptocurrencies. Since the launch of the cryptocurrency trading service, Paypal has enabled the service for only 4 coins:

  • Bitcoin;
  • Ethereum;
  • Litecoin;
  • Bitcoin Cash.

The purchase is very simple, directly from the app you can access the crypto section and make the purchase. In addition, Paypal has recently implemented the cryptocurrency payment function. Finally, compared to the initial launch, it is now also possible to withdraw bitcoin and crypto, which therefore can also be moved to external wallets.

This policy is leading to a sharp increase in the volume of bitcoin trading on the platform.

The choice of Paypal and the turning point announced today confirm the will of the financial service to implement the possibilities offered to its users in the crypto sector.

However, cryptocurrencies on Paypal are currently only available to US users. 

Bitcoin’s reaction

When Paypal announced the launch of the cryptocurrency service in October 2020, it kicked off the bitcoin rally that hit $ 20,000 again in December. Then in April, bitcoin would have reached $ 65,000.

Today the news related to Paypal did not have the same effect on bitcoin. In fact, today BTC loses almost 3% and returns to $ 31,600. But for some time now, bitcoin has fluctuated between 30,000 and 35,000 dollars and it seems unable to break through the 35,000 wall.

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