PayPal is one of the largest digital payments platforms in the world. It is also a payment service that is used by freelancers and held in high esteem for its escrow payment option. A few months ago, PayPal enabled crypto payment services for its clients. The digital payment solution provider claimed that it wanted to keep up with the changing trends in the financial world.
Now the company has introduced a value-added service by extending the weekly cryptocurrency purchase limit to $100,000. PayPal management told the media that it has been working closely with its users to find out the best ways to facilitate them and improve the service quality. One of the best ways to do that was to increase the digital asset purchase limit to $100,000 without imposing any annual purchase limitations.
Jose Fernandez da Ponte is the VP for blockchain and crypto service at PayPal. Commenting on the new service extension, he claimed that it would allow the consumers to have more choices and avail themselves of a greater degree of flexibility for digital asset purchases. It should be noted that before the new limit, the customers were able to spend only $20,000 on virtual currencies per week.
Dan Schulman, CEO at PayPal, explained that this purchase limit extension would create a great result and make for a better user experience. He also explained that these changes were made, keeping in view the monumental increase in the consumer demands for buying more cryptocurrencies.
Minimum Purchase Limit Remains the Same
While the maximum limit for crypto purchases has been increased, many PayPal users fear that the minimum limit might be changed. However, the company representatives have made it clear that the previous $1 minimum altcoin purchase limit will not be changed. The users of PayPal can purchase cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, and Litecoin with PayPal.
Since last year PayPal has enabled users to hold, sell, or purchase cryptocurrencies using the same PayPal account. However, the users who store their cryptocurrencies in their PayPal accounts may not own them. Any digital wallet has two private keys, i.e., public and private. PayPal holds the private keys for the accounts where the cryptocurrencies are stored.