The site aims to make it as easy as possible for clients to "buy, hold, sell, and checkout with cryptocurrency”
Paypal has increased the purchase limit for cryptocurrencies by five times. US-based users can now buy up to $100,000 worth of bitcoin weekly. This is a notable change from the previous limit of $20,000 which was the feature initially launched with the new option on the platform.
The company said that they are doing these changes to enable customers to have more choice and flexibility in purchasing cryptocurrencies on their platform.
In October 2020 Paypal launched Paypal Crypto and has been actively engaging with customers to better understand their needs.
In March the payment giant saw the launch “Checkout with Crypto” which automatically converts dollars to crypto from millions of online stores.
The annual purchase limit that Paypal had, which was that of $50,000 has also been dismissed.
The company said: "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 first quarter of 2021 saw Paypal having roughly 392 million active user accounts.
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