Payments giant PayPal has effectively lifted the waitlist for users looking to use its crypto service, allowing all eligible US customers to buy, sell, and hold cryptocurrencies.
PayPal Opens Its Doors To All US Crypto Customers
On Thursday, PayPal announced in a brief update to its original October 21 announcement that its crypto trading service is now live.
“We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal.”
PayPal shocked the world last month when it announced that it was in the process of making cryptocurrencies available to its customers. Earlier this month, the firm’s CEO Dan Schulman revealed during an earnings call that only 10% of US customers were able to access the crypto service at that time.
As a result of the overwhelming demand witnessed, PayPal increased the weekly crypto spending limit from $10,000 to $15,000. The US-based online payments company has increased the weekly buying limit yet again, allowing users to buy up to $20,000 in cryptocurrencies per week.
PayPal customers in the United States can now use bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) to purchase goods at any of the firm’s 26 million merchants across the globe. These merchants, however, will not receive cryptocurrency as PayPal will immediately convert the crypto to fiat currency.
The firm plans to expand the crypto service to the Venmo app and international customers at the beginning of next year.
Some people are, however, not too excited about the new PayPal crypto offering due to its restrictions. For instance, users cannot transfer their crypto holdings to another account, and they also cannot withdraw to a personal crypto wallet.