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On Thursday, crypto trading and PayPal payments went live for all eligible customers in the United States.
According to its updated announcement, PayPal has ended its waiting list for customers to use cryptocurrency in the U.S. Trading offers a limit of $ 20,000 per week, which is double the $ 10,000 originally announced. .
PayPal ultimately plans to make crypto payments available from 26 million merchants around the world.
A representative told Cointelegraph that PayPal will notify US customers of the general availability of crypto services in the coming days.
Dan Schulman, CEO of PayPal, noted that the move to crypto support was driven by what he sees as an “inevitable” drift to virtual currencies.
“The shift to digital forms of currencies is inevitable, bringing with it clear benefits in terms of financial inclusion and access, efficiency, speed and resilience of the payment system; and the ability of governments to quickly disburse funds to citizens.
The highly anticipated global services are slated to launch in early 2021, alongside crypto payments on Venmo. PayPal initially announced its intention to integrate crypto three weeks ago. The announcement led to an increase in the price of BTC.
As part of its crypto services, PayPal received the first conditional Bitlicense from the New York Department of Financial Services, one of the most belligerent subnational financial regulators in the U.S. Many noted that the terms of the encryption services PayPal would imply coins being purchased on the platform would not be able to leave, likely as part of its compromise with regulators to bring crypto services to such a large user base.
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