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Payment processing giant Paypal announced Thursday that “all eligible Paypal account holders in the US can now buy, hold and sell cryptocurrency directly with Paypal.” The news follows the company’s announcement to support crypto assets in late October.
Paypal’s new relationship with cryptographic assets
On October 21, 2020, the payment company Paypal announced that it will soon support bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH) and litecoin (LTC). The company said Paypal customers would be able to buy, sell and hold the virtual assets.
On November 2, 2020, Paypal CEO Dan Schulman discussed support for the company’s cryptocurrency during an earnings call. Schulman revealed plans to support Venmo and increase cryptocurrency purchase limits to $ 15,000.
Paypal’s initial statements also explained that by early 2021, customers would be able to use crypto assets with its network of 26 million merchants.
After Paypal’s original announcement, numerous cryptocurrency advocates criticized the company for not allowing the transfer of digital assets to external wallets. “You are currently unable to send crypto assets to family or friends, use crypto assets to pay for goods or services, or withdraw crypto assets from your cryptocurrency hub to an external cryptocurrency wallet,” note Paypal’s terms of service.
Paypal’s terms of service also point out: “Buying and selling crypto assets is inherently risky” and crypto assets “are not insured by the Federal Deposit Insurance Corporation (FDIC).”
Paypal opens the gates
The argument of Paypal’s entry into the cryptocurrency space resumed on Thursday, when a number of US-based customers found that the waiting list was over.
“We are pleased to announce that all eligible Paypal account holders in the United States can now buy, hold and sell cryptocurrency directly with Paypal,” the company announced on Thursday, November 12, 2020.
Hundreds of millions of assets #PayPal the accounts in the United States have just noticed this #bitcoin Message! pic.twitter.com/NY9VALS2In
– Altcoin Daily (@AltcoinDailyio) November 12, 2020
After Paypal CEO Dan Schulman revealed the increase in purchase limits to $ 15k last week, the company raised the limit again to $ 20,000 on Thursday. “Due to the initial demand from our customers, we have also increased our weekly cryptocurrency purchase limit from $ 10,000 per week to $ 20,000 per week,” Paypal said.
A number of Twitter users tweeted on receiving a message from Paypal on Thursday morning saying Paypal’s encryption services were now available to all US customers.
What do you think of Paypal’s entry into the crypto space? Tell us what you think in the comments section below.
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