US financial player PayPal has announced that its users can now purchase as much as $100,000 worth of supported cryptocurrencies via its platform starting this week.
As per a statement on July 15, the company has been constantly interacting with its users on how to better serve them while also helping them improve their services.
“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,” the firm said.
It added that the increased demand by their client base plus the growing influence of the crypto space played a role in their decision to up the crypto limit.
To further address this point, Jose Fernandez da Ponte, the firm’s vice president of blockchain, crypto, and digital currencies said that the “changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”
PayPal ups its crypto game
Previously, PayPal had placed its weekly crypto purchase limit at $20,000 per week and $50,000 annually.
However, the firm’s decision to increase its crypto limit could be tied to the impressive performance of its crypto services in the first quarter of this year. Then, CEO Dan Schulman had called it a “really great result” while adding that the demand from its customers exceeded all expectations of the firm regarding its crypto operations.
So, with this new purchase limit, its users can now purchase five times more crypto weekly and also have access to an unending purchasing power of digital assets as the year progresses.
It should be noted that the minimum amount of crypto that can be bought with the firm still stands at $1 and it supports crypto assets like Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
