PayPal raises the cryptocurrency purchase limit for US customers to $100,000 a week
- PayPal said it would increase the weekly amount of crypto users can spend.
- The company said it wants to allow for more crypto choice and flexibility.
- Last October, PayPal allowed its US users to buy and sell crypto, and also pay for goods and services with it.
The payments platform said on Thursday it has raised the weekly limit to $100,000 and removed any annual limits to meet its clients' needs, according to a statement.
"We have been actively engaging with our customers to better understand their needs to help ensure we are providing a trusted and secure platform to buy, hold, sell and checkout with cryptocurrency," the statement said.
The company's foray into crypto began in October, when it allowed its US users to buy and sell bitcoin, bitcoin cash, ethereum and litecoin. When the service first started, the spending limit was $10,000.
Within 2 months of the service launching, about 20% of PayPal users said they had been using its crypto services, according to a company survey.
The company said it will offer its clients ongoing education and guidance around cryptocurrencies through in-app guides and learning resources.
Paypal said it hoped to "offer insights into the world of crypto, and help demystify some misconceptions customers may have about crypto."
A number of regulators around the world have expressed concern about the risks to amateur trades and users of cryptocurrencies due to a lack of education about these products.
Last year, the US was the 6th biggest user of cryptocurrencies, based on crypto-related web activity data, according to ChainAnalysis.
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