PayPal is increasing the amount of cryptocurrencies that users can buy by five times.
PayPal users can now buy $ 100,000 worth of bitcoins and other digital assets per week, up from the previous limit of $ 20,000. The company is also removing its annual purchase limit of $ 50,000.
“These changes will allow our clients to have more options and flexibility in the purchase of cryptocurrencies on our platform,” said José Fernández da Ponte, vice president of PayPal and blockchain, cryptocurrencies and digital currencies in a statement Thursday.
PayPal started allowing users to buy cryptocurrencies in October 2020. It then added the ability to buy bitcoin, ether, litecoin, and bitcoin cash in its mobile payment app, Venmo. The product has a $ 1 spending requirement and allows users to share cryptocurrency purchases with friends through Venmo’s social feed.
At the time, the move was seen as an important step in bringing digital assets to major buyers and fueled bitcoin’s rally earlier this year. The world’s first and largest cryptocurrency has lost about half its value since the all-time high of over $ 60,000 in April. Bitcoin was trading close to $ 31,000 as of Thursday afternoon, while PayPal shares closed more than 1.4% lower.
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