Qualified Paypal account holders in the United States can now buy, sell, and hold the cryptocurrency. PayPal made this announcement on Thursday. Users can now trade at 26 million merchants on the payment network starting from the first quarter of next year. Paypal made this significant move due to increased demand from its leadership.
Dan Schulman, President and Chief Executive, said, “We are in operation with central banks and analyzing digital currencies and how we can play a role.” He further said that the purchase limit would rise from $10k/week to $20k/week.
Just a week ago, the payment giants expanded its weekly crypto limit to 15k after receiving good interest. Earlier, the payment platform launched crypto services in its reputable forum in October. By the time they were adopting the crypto, around 10% of the users in the U.S could access the service. Paypal payment’s volume rose by 36% in its third quarter of this year. Over the quarters, PayPal users have increased to 361 million users. The company is hopeful that they can integrate the global market in their crypto services.
PayPal Investing in Digital Currencies
The company has expanded its attention and resources on evaluating the next generation of digital financial services to digital business by internal blockchain-focused scholars.
PayPal realizes cryptocurrencies are gaining fame, and they will dominate soon. Moreover, the platform aims to achieve efficient, faster, and affordable ways of managing and transferring money. From next year the company will adopt a variety of things to better their services. The tech company said the world is transforming from physical to digital.
The company targets shepherd global acceptance of virtual coins to usher in new digital currencies that will thrive in the central bank and the industrial market. The chief executive said that the company intends to form the most expansive and powerful digital wallet globally.