Eligible PayPal users in the U.S. can now buy, hold, or sell virtual assets, the fintech giant announced on Thursday. The company also doubled the amount of cryptocurrency that its clients can purchase on weekly basis.
PayPal informed about its cryptocurrency plans at the end of October sending encouraging signals to the crypto industry. By acting so rapidly and raising the purchase limit for digital money, PayPal is clearly finding a great deal of gratitude for its crypto offerings.
“Due to growing demand from our clients, we’ve increased two times over our weekly cryptocurrency purchase cap from $10k per week to $20k per week,” PayPal spokesperson Aaron Gould announced on Thursday.
PayPal’s crypto wallet, for now, supports Bitcoin, Ether, Bitcoin Cash, and Litecoin – however, with limited functionality. Some users have criticized the company for its restrictive approach towards its new niche.
As stated on the terms and conditions of the service: “You are at the moment NOT able to transfer your Crypto Assets to family members or friends, send Crypto Assets to purchase goods or services, or withdraw acquired Crypto Assets from your account’s Cryptocurrencies Hub to a different cryptocurrency wallet.”
The value of Bitcoin has spiked more than 34.50% between October 21 to November 12.
