PayPal multiplies weekly crypto purchase limit to $ 100,000 by five

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The PayPal application is visible on a mobile phone.

Félix Kstle | image alliance | Getty Images

PayPal increases the number of cryptocurrencies users can buy by five.

PayPal users can now purchase $ 100,000 worth of bitcoin and other digital assets per week, up from a previous limit of $ 20,000. The company is also removing its annual purchase limit of $ 50,000.

“These changes will allow our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” José Fernandez da Ponte, vice president of PayPal and blockchain, said on Thursday. crypto and digital currencies.

PayPal began allowing users to purchase cryptocurrency in October 2020. It then added the ability to purchase bitcoin, ether, litecoin, and bitcoin cash on its mobile payment app, Venmo. The product has a spending requirement of $ 1 and allows users to share crypto purchases with friends through Venmo’s social feed.

At the time, the move was seen as an important step in bringing digital assets to traditional buyers and fueled the bitcoin rally earlier this year. The world’s first and largest cryptocurrency has lost about half of its value since the all-time high of over $ 60,000 in April. Bitcoin was trading near $ 31,000 on Thursday afternoon, while PayPal shares closed more than 1.4% lower.

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