PayPal is increasing the amount of cryptocurrency that consumers can buy by five times.
PayPal users can now buy $100,000 in bitcoin and other digital assets per week, up from the previous maximum of $20,000 per week. The company is also getting rid of its $50,000 annual purchasing limit.
In a statement released Thursday, Jose Fernandez da Ponte, PayPal's vice president of blockchain, crypto, and digital currencies, stated, "These improvements will enable our consumers to have more choice and freedom in acquiring bitcoin on our platform."
In October 2020, PayPal became the first company to allow users to purchase cryptocurrencies. Venmo, the company's mobile payment service, eventually included the option to buy bitcoin, ether, litecoin, and bitcoin cash. The programme has a $1 minimum spend threshold and allows users to share cryptocurrency purchases with friends via Venmo's social feed.
The decision was viewed at the time as a significant step toward exposing digital assets to mainstream purchasers, and it drove bitcoin's recent climb. Since reaching an all-time high around $60,000 in April, the world's first and largest cryptocurrency has lost approximately half of its value. As of Thursday afternoon, Bitcoin was trading near $31,000, while PayPal shares were down more than 1.4 percent.
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