PayPal confirmed its crypto plans in a Oct. 21 announcement that sent shockwaves across the industry.
PayPal confirms crypto plans! PayPal confirms crypto plans that sent shockwaves across the industry.
In November 2nd, CEO Dan Schulman said that only 10% of PayPal customers in the US had access to crypto services at the tim.
Due to steep demand, PayPal upped its weekly crypto purchase limit from $10k to $15k, and remaining wait-listed US customers would get access to crypto in the next 2-3 weeks. PayPal is clearly finding a warm reception for its crypto offerings.
“Due to initial demand from our customers, we’ve also increased our weekly cryptocurrency purchase limit from $10K/week to $20K/week,” PayPal spokesman Aaron Gould said Thursday.
Gould also confirmed that Venmo will support crypto services in the first half of 2021. The partnership with Paxos will allow this to happen – they’ll handle crypto custody on PayPal’s behalf.
According to PayPal’s cryptocurrency terms and conditions: “You currently are NOT able to 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.”
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