One of the most relevant digital wallets globally takes a relevant step for users of the crypto market. Well, for years, cryptocurrency users aspire to be able to have access to this type of platform that allows greater mobility of their capital. Thus, the benefits grow now that PayPal will allow the use of cryptocurrencies.
This endorsement of crypto assets by the company has once again attracted the attention of crypto users to its services. Well, it was no secret that PayPal had lost ground in the ecosystem, due to its rigidity with cryptos.
PayPal allows cryptocurrencies on its services
It was announced on Thursday that “cryptocurrencies can now be bought, held and sold directly with PayPal.” According to official announcements from the company’s spokesperson.
Likewise, they explained that it would soon support Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Also, the company claimed that PayPal customers could buy, sell and hold virtual assets.
In this way, on November 2, 2020, PayPal CEO Dan Schulman revealed plans for Venmo support and increased crypto asset purchase limits to $ 15k.
Initial information provided by PayPal further detailed that by early 2021, customers would be able to use crypto assets with its 26 million trading network.
It is worth mentioning that following these announcements, several crypto advocates criticized the company for not allowing the transfer of digital assets to external wallets.
“Currently you cannot send crypto assets to family or friends, use crypto assets to pay for goods or services, or withdraw crypto assets from your cryptocurrency center to an external cryptocurrency wallet,” the PayPal terms of service state.
Finally, PayPal’s terms of service also state that: “Buying and selling crypto assets is inherently risky” and crypto assets “are not insured by the Federal Deposit Insurance Corporation (FDIC).”
PayPal takes the first steps to open its doors
This matter of PayPal’s entry into the crypto ecosystem, allowing the use of cryptocurrencies, started again on Thursday when several US customers discovered that the waiting list had ended.
“We are pleased to announce that all eligible PayPal account holders in the US can now trade cryptocurrency,” the company announced Thursday, November 12, 2020.
In this way, on Thursday, the company raised the limit again to $ 20,000. “Due to initial demand from our customers, we have also increased our weekly cryptocurrency purchase limit from $ 10K / week to $ 20K / week,” PayPal said.
Several Twitter users tweeted about receiving a message from PayPal on Thursday morning that said PayPal’s encryption services were now available to all US customers.
Is this the progress that the crypto environment needs?