The crypto-verse welcomed an array of prominent firms into its market this year. PayPal became one of the biggest and most influential platforms to embrace cryptocurrencies. Now, the payments giant revealed that it was looking at elevating its presence in the crypto-verse.
Bitcoin had a great start to the year. The king coin rose to new highs and managed to bag significant gains. Several suggested that PayPal’s venture into the crypto-verse instigated the recent price rally of Bitcoin. The payments platform even enabled the “checkout with crypto” option for its US citizens, which further drove the price of BTC.
The CEO and President of PayPal, Dan Schulman, was assured that cryptocurrencies were here to stay, and playing a part in “driving the ubiquity and mass acceptance of digital currencies,” was what he was looking forward to doing.
PayPal’s leap towards crypto
In a recent announcement, penned down by Jose Fernandez da Ponte, VP & GM, Blockchain, Crypto, and Digital Currencies, the payments platform noted that its customers from the US would be able to buy cryptocurrencies up to $100,000 every week. The announcement read,
“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform. “
When the payments giant started its crypto purchasing feature, users were allowed to buy digital assets worth only $10,000 every week. However, this was later pushed to $20,000.
This could not only drive the interest in crypto but also lure in more investors into the market. Schulman seems to be highly invested in the crypto industry as he had previously stated,
“PayPal really wants to use cryptocurrency as a funding source for everyday transactions. The endgame, though, is a more noble vision of this inclusive economy, and things will be done much differently than today.”