Paypal Inc. announced Thursday that it has increased purchase limits for cryptocurrencies. The company explained that since the U.S. launch of Paypal Crypto in October 2020, it has been actively engaging with customers “to better understand their needs,” with the aim to provide “a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.”
The payments giant detailed: “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”.
This is a five-fold increase from the previous weekly limit of $20,000 and a substantial increase from the annual purchase limit of $50,000. The minimum crypto purchase is still $1 and the platform currently supports bitcoin, ethereum, litecoin, and bitcoin cash.
“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” Paypal noted.
The company said in the first quarter that its crypto service showed “really great results.” In April, CEO Dan Schulman said the demand for cryptocurrencies on the Paypal platform was “multiple-fold” initial expectations.
Following the launch of Paypal Crypto, the company rolled out a similar crypto service on Venmo for 70 million users to trade cryptocurrencies. In March, Paypal launched “Checkout with Crypto” to allow cryptocurrency payments at millions of stores. Paypal automatically converts cryptocurrency into the U.S. dollar or other currency at the time of purchase. In May, Paypal announced that it will allow withdrawals to third-party wallets.