Key Takeaways
- PayPal increases crypto purchase limits
- New development part of PayPal expansion process for its crypto service
- Institutions opening up to crypto services
PayPal revealed this announcement on Thursday, and users can now purchase up to $100,000 in cryptocurrency. Also, the annual purchase limit has been removed for US users. This, according to PayPal, was to bring more flexibility to cryptocurrency investors.
PayPal has enjoyed massive success with its cryptocurrency service, with more customers demanding better features. As one of the world's leading payment companies, PayPal has access to mainstream investors looking to explore cryptocurrencies.
The company has gradually rolled out its crypto services to regions globally and launched more crypto-assets for customers. In addition, the payment giant is slowly expanding its options related to crypto, as it initially only offered the purchase and sale of assets.
Last March, it opened payments in Bitcoin (BTC), Ether (ETH), and Litecoin (LTC), again for users in the United States. However, despite the progress so far, PayPal's biggest limitation remains the inability to send cryptocurrency to an external wallet.
This has led to criticism from many within the crypto space and accusations of centralization by the company. However, PayPal has indicated that the measure is only temporary, and users will be able to transfer their assets to other wallets in the future.
For the moment, only American customers are affected by these new services. PayPal had mentioned the launch of cryptocurrency purchases in Europe in early 2021, but nothing has filtered out. However, these services will undoubtedly be available to other customers of the company in the future.
Institutions have continued to adopt cryptocurrencies and offer crypto services in a bid to have a greater share in the blockchain industry. For example, Square recently revealed that it is working on a non-custodial decentralized service platform focused on bitcoin. These developments bode well for the crypto industry.
What do you think about the growing adoption of crypto by financial institutions?
