PayPal‘s crypto trading and payments went live for all eligible customers in the United States on November 12 (Thursday).
It has been reported that PayPal ended its waitlist for customers looking to use cryptocurrency in the US Trading features a limit of $20,000 per week, which is double the originally announced $10,000.
However, PayPal plans to make crypto payments available at 26 million merchants globally.
A representative said that PayPal will notify US customers about the general availability of crypto services in the coming days.
PayPal's new crypto service is live in the U.S., with a weekly limit of $20K rather than the originally announced $10K https://t.co/C0IIW3gN8v — Cointelegraph (@Cointelegraph) November 12, 2020
Dan Schulman, the CEO of PayPal, noted that the shift to supporting crypto was driven by what he sees as an “inevitable” drift toward virtual currencies.
He added:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
Likewise, much-anticipated global services are expected to launch at the beginning of 2021, alongside crypto payments on Venmo.
PayPal initially announced its plans to integrate crypto three weeks ago. The announcement led to a boost in BTC price.
As part of its crypto services, PayPal received the first conditional BitLicense from the New York Department of Financial Services, one of the most hawkish sub-national financial regulators in the US.
Thus, many noted that the terms of PayPal’s crypto services would entail that coins bought on the platform would not be able to leave, likely as part of its compromise with regulators in bringing crypto services to such a wide user base.
Source: Cointelegraph