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The American payment giant PayPal is now allowing US residents to buy, sell and hold cryptocurrencies in an accredited report to FxStreet.
What you need to know: Although the cryptographic service PayPal was set to launch in early 2021, however, based on high demand and subscriptions to that service PayPal has decided to allow the United States eligible PayPal customers to buy, sell and hold cryptocurrencies.
A PayPal the spokesperson said:
Due to initial demand from our customers, we have also increased the weekly cryptocurrency purchase limit from $ 10,000 / week to $ 20,000 / week.
What you should know: A few weeks ago, Nairametrics revealed PayPal’s plan to provide its users with the opportunity to buy, hold and sell cryptocurrencies directly from their PayPal account by early next year.
He suggested a strategy to significantly increase the usefulness of its crypto by making it readily available as a source of financing for the purchases of its 26 million customers globally.
What they are saying: PayPal CEO Dan Schulman revealed that his customers are signing up to be the first to use the company’s crypto services at an alarming rate. PayPal has started allowing 10% of its customer base to buy, sell and hold Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
Schulman said, “We will bring our limit of $ 10,000 per day to $ 15,000 per day, based on the demand we are seeing and hit 100% in the US in the next two to three weeks. We are already starting to see some effects of halo that go along with that.
“But what I’m really excited about is what we’re introducing next year, which is, I think, will greatly increase the usefulness of cryptocurrencies, allowing someone who holds a cryptocurrency in a PayPal account to instantly transfer cryptocurrency into fiat currency at a pace. Then, volatility is taken out of the equation, with no incremental fees charged to make that transaction from crypto to fiat. “
