PayPal Raises Weekly Cryptocurrency Purchase Limit to $100,000

One of the ways in which fintech companies have distinguished themselves from traditional banks is by embracing cryptocurrency trading. For some of the biggest names in the sector, the expansion has been a success. Take PayPal. in my footsteps Boxes cash appThe company started Allow US members To buy, hold and sell bitcoin, litecoin, ethereum and bitcoin for cash in november. I followed it with a choice Coming up with encryption In March, it brought cryptocurrency trading to its subsidiary Venmo in the following month. Now, as part of its ongoing push towards digital currencies, PayPal is increasing the amount of cryptocurrency that its users can purchase to $100,000 per week and eliminating the $50,000 annual limit altogether.

The expansion represents a fivefold increase in the cryptocurrency purchase limit for the service in less than a year. PayPal says it is also adding in-app guides and educational materials about cryptocurrency to help dispel myths about virtual currencies. In January, PayPal invested in a US-based technology startup taxesHelping consumers and businesses calculate taxes owed on cryptocurrency holdings.

The payments company explained that its push for cryptocurrency is all about increased engagement. speak At JP Morgan’s annual technology conference in May, PayPal CFO John Rainey said that people who have bought cryptocurrency are using the app twice as much as others. A big part of that is checking their property prices. Rainey added that 50 percent of cryptocurrency holders use the app every day.

All products recommended by Engadget are handpicked by our editorial team, independently of the parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission.

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *