PayPal to Increase Weekly Buying Limit on Cryptos

PayPal Continues Taking New Steps Towards Adapting Cryptocurrency

After the announcement came from PayPal that they were going to support crypto payments, pretty much every cryptocurrency saw a boost, especially the big ones. Bitcoin has been on an upward streak ever since the announcement with the current value sitting close to $14k. However, the good news is only adding as the financial services giant recently announced that it is going to increase the weekly limit for buying crypto to $15k from the previous limit of $10k. This, according to the reports coming out after the company’s third-quarter earnings call on Monday, is a result of the ‘eager’ behaviour shown by the customers. According to the CEO of PayPal Dan Schulman, PayPal will be introducing crypto services to not only Venmo but also to its international customers before July 2021.

This new deployment of the services is available only to about 10% of American users of PayPal with the remaining expected to get the same within the coming three weeks or so. After the announcement came from the company that it will be supporting cryptocurrencies on October 21st, the company saw an incredible response from the users. That is why it has also decided to increase the buying limit for cryptocurrency on its platform to $15k from $10k.

Schulman continued to share his positive expectations with cryptocurrency as he made the prediction that the future of digital payment would provide a lot more possibilities for PayPal and its users. He has high hopes for a future where payments will be completely digital along with other financial services and digital identities. While discussing the prospect of central banks creating digital currencies with the retail side in focus, Dan Schulman said that his company was in the process of creating “the most expansive and compelling digital wallet in the world.”

After the confirmation came from PayPal that it will be supporting cryptocurrencies, Bitcoin saw the biggest boost in value. It rose by 15% immediately after the news came and has had an overall gain in the value of more than $2,000! At the same time, the payment volume handled by PayPal also increased significantly, with the Q3 numbers showing a massive increase of 36%. The total volume handled by the company in purchases came to $247 billion! In addition to that, the number of merchants using the platform also increase significantly with an addition of 1.5 million new users. This brings the total number to 28 million. Overall, the quarter to quarter number of users on PayPal also increased by a massive 22% during Q3 and brought the total active accounts to 361 million users.

The earnings report released by the company does not have any crypto numbers in it yet and is simply showing crypto as an addition to the company by sharing an announcement in the “business updates” portion of the report.

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