Payment processing giant Paypal announced on Thursday that “all eligible Paypal account holders in the US can now buy, hold and sell cryptocurrency directly with Paypal.” The news follows the company’s announcement to support crypto assets in late October.
Paypal’s New Relationship with Crypto Assets
On October 21, 2020, the payment company will have Paypal announced that it would support soon bitcoin (BTC), ethereum (ETH), bitcoin cash (BCH), and litecoin (LTC). The company said the Paypal customers could buy, sell and keep the virtual assets.
On November 2, 2020, Paypal has CEO Dan Schulman discussed the company’s cryptocurrency support during an income call. Schulman unveiled plans for Venmo support and increased crypto asset purchase limits to $ 15k.
Paypal’s initial statements also indicated that customers could start using crypto assets with its 26 million trading network in early 2021.
After Paypal’s original announcement, a number of crypto advocates criticized the company for not allowing the transfer of digital assets to external wallets. “You cannot currently send crypto assets to family or friends, use crypto assets to pay for goods or services, or withdraw crypto assets from your cryptocurrencies hub to an external cryptocurrency wallet,” Paypal’s Terms of Service Note.
Paypal’s terms of service also emphasize, “Buying and selling crypto assets is inherently risky,” and crypto assets are “not insured by the Federal Deposit Insurance Corporation (FDIC).”
Paypal opens the gates
The topic of Paypal’s access to the crypto asset space started again on Thursday when a number of US-based customers discovered that the waiting list is over.
“We are pleased to announce that all Paypal account holders in the US can now buy, hold and sell cryptocurrency directly using Paypal,” the company announced on Thursday, November 12, 2020.
– Altcoin Daily (@AltcoinDailyio) November 12, 2020
After Paypal CEO Dan Schulman revealed the increased purchase limits to $ 15k last week, the company raised the limit again to $ 20,000 on Thursday. “Due to initial demand from our customers, we have also increased our weekly cryptocurrency purchase limit from $ 10K / week to $ 20K / week,” said Paypal.
A number of Twitter users tweeted about receiving a message from Paypal on Thursday morning that Paypal’s crypto services are now available to all US customers.
What do you think about Paypal’s access to crypto space? Tell us what you think in the comments section below.
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