PayPal, a major financial institution in the globe, has announced that its users will now be able to buy up to $100,000 worth of cryptocurrency weekly using its platform.
According to the institution, it has recorded tremendous growth and success since the launch of its crypto arm in the previous year. Earlier this year, the firm’s CEO, Dan Schulman posited that the first quarter result of its crypto services had shown “really great sucess.”
Then, users could only buy as much as $20,000 worth of crypto. However, due to the level of success it recorded, it has decided to engage its customer-base more so as to better understand their needs. PayPal stated that its aim remains to be “a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency.”
“As part of our efforts to meet the ever-changing needs of our customers, we are pleased to announce that we have recently raised the purchase limits of cryptocurrency for eligible Paypal customers in the U.S. to $100,000 per week with no annual purchase limit,” the company said in its statement.
PayPal’s vice president, Jose Fernandez da Ponte, also said these “changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”