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All eligible PayPal account holders in the United States can now buy, hold and sell cryptocurrency, the company announced Thursday. The company has also increased the number of crypto users who can buy in a week.
The company confirmed its crypto plans in an October 21 announcement that sent shockwaves through the industry.
During PayPal’s last earnings call on November 2, CEO Dan Schulman said only 10% of customers in the United States had access to the encryption service at the time.
Citing strong demand, the publicly traded payments giant increased its weekly crypto buying limits from $ 10,000 to $ 15,000 at the time and said remaining U.S. customers would have access to crypto within two to three. next weeks. By acting so quickly and increasing the buy limit again, PayPay’s crypto offers are clearly well received.
“Due to initial demand from our customers, we have also increased our weekly cryptocurrency purchase limit from $ 10,000 / week to $ 20,000 / week,” PayPal spokesperson Aaron said Thursday. Gould.
Plans to offer crypto services to Venmo and international customers in the first half of 2021 remain unchanged, Gould said.
PayPal’s encryption service initially supports bitcoin, ether, bitcoin cash, and litecoin, but only with limited functionality. Some have criticized the company for its restrictive approach.
According to PayPal’s cryptocurrency terms and conditions: “You are currently NOT able to send crypto assets to family or friends, use crypto assets to pay for goods or services, or withdraw assets from your cryptocurrency hub to an external cryptocurrency wallet. “
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