The payment processor has raised weekly payment limits by a factor of five.
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PayPal has raised its cryptocurrency spending limits, allowing users to spend more cryptocurrency than they could before.
Weekly Limit Is Now $100,000
Under PayPal’s new limits, U.S. customers can spend up to $100,000 of crypto per week with no annual purchase limit.
“We are pleased to announce that we have recently raised the purchase limits of cryptocurrency,” PayPal wrote. “These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”
This limit is about five times higher than PayPal’s previous limit. Earlier versions of PayPal’s help files indicated that users could only spend $20,000 of cryptocurrency per week, $20,000 of cryptocurrency per purchase, or $50,000 per year.
The upgrade puts PayPal above some of its closest competitors. For comparison, Coinbase’s payment card has spending limits of $2,500 per day, while BitPay’s card has spending limits of $10,000 per day.
PayPal and Crypto Adoption
PayPal gave its users the ability to buy crypto in October 2020, but it did not immediately support crypto transactions or withdrawals. It finally added cryptocurrency payments in March.
The feature, called “Checkout with Crypto,” allows users to spend their cryptocurrency holdings anywhere that accepts PayPal, as the company converts cryptocurrency to fiat at the time of sale.
PayPal’s decision to adopt cryptocurrency represents greater mainstream adoption of crypto. However, critics may argue that this sort of adoption ultimately undermines cryptocurrency’s goal of providing freedom from major financial services.
Disclaimer: At the time of writing this author held less than $75 of Bitcoin, Ethereum, and altcoins.
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