The international payment provider firm PayPal confirmed that it now allows US-based users to acquire up to $100,000 in crypto per week. According to the company, the move aims to offer customers more choices and flexibility to acquire cryptocurrency.
In a July 15 announcement, PayPal said that it had increased the crypto purchase limit for certain customers operating from the US from $20,000 to $100,000 every week. PayPal confirmed that it would be diving into the cryptocurrency space in October last year, later authorizing eligible clients based in the US to use cryptos for trading and payments.
Although the firm originally announced that users would be limited to acquiring $10,000 in cryptocurrency every week, that feature launched with a $20,000 limit. Since then, the platform has been expanding its features for cryptocurrency users. It has partnered with Coinbase to support cryptocurrency purchases via the major exchange, while the PayPal-owned payments company Venmo unleashed crypto trading services in April.
Before the Venmo announcement, CEO Dan Schulman stated that he expected the average monthly volume for cryptocurrency transactions on PayPal to surpass $200 million within a few months.
Based on the analytics site Statista, PayPal had nearly 392 million active user accounts as of the first quarter of this year. The firm has continued to invest in blockchain-focused companies like the blockchain intelligence platform TRM Labs and Blockchain Capital.