PayPal Increases Weekly Cryptocurrency Purchase Limit to $100,000

Payment giant PayPal announced on Thursday that it has increased purchase limits for crypto on its platform to offer customers more choice and flexibility in purchasing crypto.

Specifically, the weekly cryptocurrency purchase limits in the US for eligible customers has increased to $100,000. Notably, there will be no annual purchase limit on cryptocurrencies. 

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Let's recall that, PayPal launched cryptocurrency capabilities in the U.S. back to October 2020. Earlier this year, PayPal’s crypto volume has surged significantly due to a substantial rise in demand for digital currencies.

In the official announcement, the company also added that it will continue to update our in-app guides and educational materials on cryptocurrency, provide answers to commonly asked questions, offer insights into the world of crypto, and help demystify some misconceptions customers may have about crypto.  

As Fazzaco reported earlier, PayPal has posted its financial results for the first quarter of 2021​, showing a strong growth in total payment volume (TPV) and revenue. The TPV of the company stood at $285 billion in Q1 2021, 50% higher than the same period in 2020. From January to March, the US-based firm reported a total revenue of $6.03 billion, up 31 percent compared to Q1 2020. In addition, the payment giant reported GAAP EPS of $0.92 for the first quarter of 2021.