PayPal Starts Offering Crypto Services to US Clients
Online payment processor PayPal has started giving access to crypto services to clients in the US. The initiative follows the company’s late-October announcement revealing its plan to offer crypto related services to US clients.
With the official launch of the service, the US based PayPal users will be able to buy, sell and retain Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH) and Litecoin (LTC). Before this announcement, the facility was only offered to 10% of PayPal’s user base.
The platform has recorded two to three times greater-than-anticipated demand for its crypto services, leading to an increase in upward revision of its daily cryptocurrency purchase limit to $15,000 and weekly crypto purchase limit to $20,000.
The enterprise has intention to broaden its crypto services early next year. As per a media release by PayPal, the online payments platform will pave way for its client base to settle with crypto holdings at any of the 26 million vendor locations across the globe starting early 2021.
PayPal also intends to offer its crypto and mobile payment services to a portion of its global users. The facility has become a reality via PayPal’s collaboration with financial technology enterprise Paxos Trust Company.
PayPal’s crypto initiatives has taken it a step forward in achieving its objective to “increase consumer understanding and adoption of cryptocurrency.”