The change was made to provide consumers “greater option and freedom in acquiring cryptocurrencies,” according to the firm.
PayPal issued a statement in October 2020 that it will enter the cryptocurrency market, permitting qualified clients in the United States to trade and transact using Bitcoin and selective altcoins.
Despite the fact that the firm first said that customers would be confined to purchase $10,000 in cryptocurrency every week, the service initially had a $20,000 cap.
Since 2020, the company has been extending its crypto capabilities, collaborating with Coinbase to enable crypto buying via the main exchange, while Venmo, which is owned by PayPal, debuted crypto trading in April. Prior to the Venmo news, CEO Dan Schulman predicted that the average monthly volume of cryptocurrency transactions on PayPal will hit $200 million in a couple of months.
PayPal has about 392 million active user accounts in 1Q21, as per data intelligence provider Statista. The business has made significant investments in block chain technology centered companies such as Blockchain Capital and TRM Labs, a blockchain intelligence platform.