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- All eligible PayPal customers in the US can buy, sell and hold Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
- Investors will be able to buy up to $ 20,000 weekly with PayPal’s cryptocurrency service.
Payment giant PayPal has raised the waiting list for its crypto service. Starting November 12, US-based PayPal customers will be able to use their accounts to buy, sell and hold Bitcoin, Ethereum, Litecoin and Bitcoin Cash. Additionally, the company announced that its customers will be able to purchase up to $ 20,000 per week in cryptocurrencies.
The payment company announced the launch of its crypto service on October 21, surprising the crypto space. According to the press release at the time, PayPal plans to incorporate CBDCs and digital currencies issued by private entities. The company partnered with Paxos Trust for custody of its crypto assets.
Since the launch of the services, few accounts have been able to access restricted cryptocurrencies in their trade. However, in an investor update, the company revealed great interest in the service. Therefore, it raised the initial purchase limit from $ 10,000 to $ 15,000. The steady increase in this amount indicates an increase in interest from the payment processor users.
We are pleased to announce that starting today, all of our eligible US customers can now buy, hold and sell #Cryptocurrency directly from their PayPal accounts. We have also increased our weekly purchase limit to $ 20,000. More information: https://t.co/5yrpNOuA6y pic.twitter.com/2nZHm9qCNI
– PayPal (@PayPal) November 12, 2020
PayPal brings Bitcoin to the masses
PayPal has recognized that the financial world is moving towards the adoption of cryptocurrencies and digital assets. Therefore, they try to meet the growing demand of over 340 million customers around the world. PayPal’s crypto services are expected to expand to Venmo and its international customers in the first half of 2021.
In this sense, the co-founder and CTO of the Casa company, Jameson Lopp, has underlined a bullish aspect for the cryptocurrency market. As part of the implementation of its crypto services, PayPal has obtained a Bitlicense in New York which requires its cryptocurrency custodian partner to keep the “real bitcoin” at a 1 to 1 parity for every BTC purchased on the platform. This applies to all cryptocurrencies offered.
In other words, PayPal is legally required to hold the same amount in cryptocurrencies purchased by its customers. This could lead to a liquidity crisis, as members of the crypto community have done underlined. The positive impact on the price of Bitcoin and the rest of the cryptocurrencies offered by PayPal could be huge.
PayPal’s announcement is one of the reasons attributed to Bitcoin’s rally, although the cryptocurrency has already had a bullish trajectory that has lasted until now. Analysts are optimistic that the rally will continue. At the time of publication, Bitcoin’s price stands at $ 16,269 with gains of 2.89% over the past 24 hours.
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