PayPal has made a dramatic increase to the amount of cryptocurrency its users can purchase to a staggering $100,000 a week. The amount had been restricted to $20,000 with a yearly limit. That annual cap has also now been lifted.
The payment company’s vice president – Jose Fernandez da Ponte – stated the move should give customers more options for trading. “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” he said.
PayPal enabled its users to trade with cryptocurrencies back in October 2020. Through its mobile application Venmo, customers are allowed to trade with Bitcoin, Ethereum, Litecoin and Bitcoin Cash.
Traders can start with as little as $1 and crypto purchases can be shared among users through Venmo’s social feed. Last month, both PayPal and Visa became partners with Blockchain Capital’s fifth venture fund worth $300 million.
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