PayPal’s cryptocurrency service increases its cryptocurrency purchase limit to $ 15,000 per week. In general, for your anxious customers.
As expressed by Dan Schulman, CEO of PayPal: “Currently, 10% of customers in the United States have access to the new PayPal service. The rest will have their access to the tools in the next two or three weeks”.
As a consequence, following the October 21 announcement, PayPal saw enough interest from its customers. Hence, it has increased the cryptocurrency purchase limits from $ 10,000 to $ 15,000 weekly.
Precisely, Dan Schulman indicated: “There will be greater opportunities for PayPal customers in an economy that embraces digital identity. Specifically, fully digital financial services and payments”.
Bitcoin and PayPal
It is also true, that Bitcoin (BTC) saw a 15% increase in price. All of this, in response to the October 21 announcement. By contrast, PayPal’s share price has tended to decline by 12%.
- The volume of new PayPal payments increased by 36%.
- The number of merchants grew by 1.5 million to 28 million.
- PayPal has 361 million active accounts. Excellent.
The famous announcement of October 21 “The giant of payments adopts cryptocurrencies”
As if that weren’t enough, the announcement comes as various central banks begin making plans to introduce their own cryptocurrencies.
In fact, since the end of last year, PayPal indicated that the COVID-19 pandemic had driven the need for digital payments.
Definitely, PayPal Holdings Inc, officially confirmed on October 21, that it had entered the cryptocurrency market.
Initially, the service supports Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and Litecoin (LTC).
The payments giant also partnered with Paxos to offer the service. And it obtained a conditional cryptocurrency license from the New York State Department of Financial Services, known as a BitLicense.
The truth is that, starting in early 2021, PayPal customers will be able to convert their cryptocurrency balance to fiat currency. Very important, with certainty of value and without incremental fees.
Cryptocurrency training for PayPal users
Obviously, PayPal account holders will receive educational content, to help them understand the cryptocurrency ecosystem. In addition, the risks and opportunities of investing in crypto currencies and information on Blockchain technology.
How to create a PayPal account?
By the way, to create your PayPal account you only need to enter the official website and choose the type of account you want to create (personal or business). Once the account has been selected, you must complete a registration form with your personal data, address and contact methods.
Then, you have to wait to receive the confirmation email, and that’s it, you can start using your PayPal account.
In closing, according to Dan Schulman: “PayPal hopes the service will encourage the global use of virtual currencies and prepare its network for new digital currencies. That can be developed by central banks and corporations”.
So, there is no going back, PayPal increased the cryptocurrency purchase limit, do you agree with this decision? Leave us your opinion in the comment box.
I say goodbye with this phrase from Dan Schulman: “The transition to digital forms of currency is inevitable”.