PayPal hikes crypto purchase limit to $100,000

16 Jul 2021

PayPal now permits users based in the United States to purchase up to $100,000 in cryptocurrency weekly.

The payment provider stated it has increased the purchase limit for crypto for certain U.S.-based users from $20,000 to $100,000 each week.

Paypal said on Thursday the move was intended to offer customers “more choice and flexibility in purchasing cryptocurrency.”

The firm first announced it would enter the cryptocurrency space back in October last year, subsequently allowing users in the U.S. to use crypto for trading and payments.

Initially, Paypal stated customers would be limited to purchasing $10,000 in crypto weekly, Cointelegraph reports, yet when the feature was launched there was a $20,000 limit.

The PayPal platform has been adding to its features for crypto customers this year, joining forces with Coinbase to permit crypto purchases via the exchange.

In addition, in April, Venmo – the payments firm owned by PayPal - started crypto trading.

Before the Venmo announcement was made, the president and CEO of PayPal, Dan Schulman said he forecast average monthly volume for crypto transactions on PayPal to hit $200 million in a number of months.

Analytics site, Statista stated PayPal had around 392 million active user accounts in Q1 this year. The firm has maintained investment in blockchain-focused companies, such as Blockchain Capital and blockchain intelligence platform, TRM Labs, the Cointelegraph report adds.