All PayPal account holders in the U.S. can now start cryptocurrency trading using Paypal. The company has announced that it has removed the waitlist for cryptocurrency trading. The company also raised the amount of crypto that users can buy in a week.
PayPal customers will be able to trade up to $20,000 a week
According to the announcement, Paypal removes its waitlist for clients who are looking to utilize cryptocurrency in the U.S. Due to this, customers will be capable to trade up to $20,000 a week, rather than the formerly declared $10,000.
The firm said:
We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal.
The official announcement further elaborated that, mainstream approval of cryptocurrencies has been blocked bytheir restricted service as an apparatus of exchange due to volatility, price, and momentum to transact.
Still, the commitment of high-level technological platforms allows the chance of mainstreaming cryptocurrencies. According to a survey by the Bank for International Settlements, one in 10 central banks – serving roughly one-fifth of the world’s population – presume to distribute their own cryptocurrencies within the next three years.
Dan Schulman, president and CEO of PayPal said:
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.
He further stated that :
We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.
PayPal had entered the cryptocurrency market on Wednesday, 21, October 2020. The online payment system now allows consumers to purchase, sell, and keep Bitcoin and other cryptocurrencies using the U.S. digital payments company’s online wallets.