PayPal increased the Crypto purchasing limits

New news on Antidolos said that PayPal increased the Crypto purchasing limits. On its new “super app,” the global payments company wants British users to exchange cryptocurrency.

“Yeah, so, we’re still pretty happy with the crypto momentum we’re witnessing. […] We’re planning to launch in the United Kingdom, maybe next month, and start trading there.”

He noted that the company is adding “incremental functionality” to the crypto trading platform. Also, noting that the crypto purchasing limits have already been raised to $100,000 per week on July 15.

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Why had PayPal increased the Crypto purchasing limits?

According to the firm. It made the change to provide customers “greater option and freedom” when it came to purchasing Crypto.

It now allows users in the United States to increase the crypto purchasing limits to $100,000 per week. On Thursday, PayPal revealed that it had increased the weekly bitcoin purchase limit for certain US users from $20,000 to $100,000. According to the business, it changed to provide users “greater option and freedom in acquiring cryptocurrencies,” according to the company.

PayPal announced in October 2020 that it would enter the cryptocurrency industry, allowing qualifying clients in the United States to trade and pay using cryptocurrencies. Even though the corporation first stated that customers would be limited to purchase $10,000 in cryptocurrency every week. The function initially had a $20,000 cap.

Since last year, the platform has been developing its crypto features, working with Coinbase to allow crypto purchases through the direct exchange, and Venmo, owned by PayPal, started crypto trading in April. Before the announcement, Venmo CEO Dan Schulman predicted that the average monthly volume of cryptocurrency transactions on PayPal would exceed $200 million in a matter of months.

PayPal had around 392 million active user accounts in the first quarter of 2021, according to statistics site Statista. Blockchain Capital and TRM Labs, a Blockchain intelligence platform, are among the startups in which the firm has continued to invest.

PayPal increased the Crypto purchasing limits to boost the potential ACH

According to Schulman, PayPal is also working on an open banking connection, which “will boost the potential to fully integrate it into ACH and conduct speedier payments.” PayPal’s Automated Clearing House (ACH) is a payment service that allows merchants to receive payments from customers online by debiting their checking or savings accounts directly. In this way, PayPal increased the Crypto purchasing limits.

According to Schulman, pay with Venmo sales increased by 183 percent year over year, and there has been widespread adoption and trading of cryptocurrency on Venmo. Venmo, a PayPal-owned company, began crypto trading services in mid-April to an estimated 70 million customers.

Defi integration?

PayPal is looking at “what the next generation of the financial system looks like” in terms of decentralized finance, according to Schulman, as well as how to integrate smart contracts and decentralized apps into the platform:

“How can we make smart contracts work better for us? There are also some intriguing Defi applications. As a result, we’re putting in a lot of effort.“

Uniswap, the world’s largest decentralized exchange, has been in talks with PayPal and other banking businesses concerning Defi integration, according to a leaked video from last week’s EthCC conference in Paris.

PayPal’s “super app,” which will have high-yield savings, early access to direct deposit funds, messaging capabilities, and extra crypto functions, is almost set to debut, according to Antidolos on July 28. So, we can know to say that PayPal increased the Crypto purchasing limits.

Will PayPal increased the Crypto purchasing limits to the masses? Experts answer

Besides, experts in Blockchain and Cryptocurrency discuss if PayPal’s crypto integration can aid broad adoption.

PayPal’s statement that its users will purchase and sell Cryptocurrency has been one of the most talked-about things in the crypto community recently. Early next year, the service should be completely operational. Also, PayPal increased the Crypto purchasing limits.

The company’s stated goal of “increasing consumer understanding and adoption of cryptocurrencies“. Also, appears to be a necessary step in cryptocurrency adoption. Cryptographic awareness is still relatively low in the general public. According to statistics from a Statista poll. Bitcoin (BTC) usage in industrialized economies is below 10%, with Sweden, Denmark, and Japan has the lowest rates. Meanwhile, some confidently expect that by 2030, this figure will have risen to 90% of the US population.

“The migration to digital currencies is unavoidable,” said Dan Schulman, PayPal’s president, and CEO. It provides clear benefits in terms of financial inclusion and access; the payments system’s efficiency, speed, and resilience; and governments’ capacity to promptly release monies to individuals. Joseph Muscat, Malta’s former prime minister, told the United Nations General Assembly in 2018 that Crypto represented the “inescapable future of money.“

PayPal will begin by accepting Cryptocurrency

PayPal will begin by accepting Bitcoin, Ether (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). Also, as payment methods. The company has obtained a “first-of-its-kind” conditional BitLicense. A license required to operate a digital currency business in New York — from the New York State Department of Financial Services and partnered with US-based stable coin opera.

According to its most recent quarterly report. The decision to offer cryptocurrency-related services to its customers appears to be a significant step toward mainstream adoption.

To sum-up

Antidolos Blockchain news polled specialists in the crypto and Blockchain industries last year to get their thoughts on crypto’s widespread acceptance. This time, the topic was about, PayPal increased the Crypto purchasing limits.

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References:
https://cointelegraph.com/news/paypal-set-to-launch-crypto…
https://cointelegraph.com/news/paypal-increases-crypto…
https://cointelegraph.com/news/will-paypal-s-crypto-integration…