Paypal increases purchase limits for cryptocurrency

By Pavithra R

Paypal Holdings has announced raising the purchase limits of cryptocurrency for eligible PayPal customers in the U.S. to $100,000 per week with no annual purchase limit. The strategic move comes as part of its efforts to meet the ever-changing needs of customers. 

The industry is experiencing a rapid shift towards digital payments and digital representations of value, driven by the COVID-19 pandemic and the increased interest in digital currencies from central banks and consumers. However, mainstream adoption of cryptocurrencies has traditionally been hindered by their limited utility as an instrument of exchange due to its volatility, cost and speed to transact. The promise of advanced technological platforms offers the possibility of mainstreaming digital currencies.

Since launching its cryptocurrency capabilities in the U.S. in October 2020, the firm has been actively engaging with customers to better understand their needs to help ensure that the company is providing a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.

“To help our customers learn more about crypto, we continue to update our in-app guides and educational materials on cryptocurrency, provide answers to commonly asked questions, offer insights into the world of crypto, and help demystify some misconceptions customers may have about crypto,” wrote Jose Fernandez da Ponte, VP & GM, Blockchain, Crypto and Digital Currencies in its blog.

Established in 1998, PayPal is an American company operating a worldwide online payments system that supports online money transfers and serves as an electronic alternative to traditional paper methods like checks and money orders.