United States Nationwide Launch! PayPal opens cryptocurrency trading feature to all U.S. users and increases weekly limit to $20,000

The global payment giant PayPal has opened its latest cryptocurrency trading feature to all U.S. users and increased the weekly purchase limit to $20,000. The global cryptocurrency trading feature is expected to be rolled out in early 2021.

New Feature Officially Launched Nationwide in the U.S.

As a global payment giant, PayPal's cryptocurrency trading and payment initiative has significantly shortened the distance between cryptocurrencies and the real world. According to PayPal, their ultimate plan is to offer cryptocurrency payment services to its network of 26 million merchants worldwide. However, in reality, this feature was initially only available to some users in the U.S. According to PayPal CEO Dan Schulman during the third-quarter earnings call, only 10% of users in the U.S. have access to this feature.

However, responding to strong user demand, PayPal quickly acted on the market. According to an official announcement updated by PayPal yesterday, the company announced that all eligible PayPal account holders in the U.S. can now directly buy, hold, and sell cryptocurrencies through PayPal.

This move follows the strong demand for the new feature revealed during PayPal's third-quarter earnings call this year. PayPal CEO Daniel Schulman stated during the call:

"Users are very eager for PayPal to provide these features, and the demand shown by users not yet granted access is 2 to 3 times what was originally anticipated."

Increasing Weekly Purchase Limit

In addition to opening the feature to all U.S. users, there have been changes to the weekly cryptocurrency purchase limit for users. In fact, the purchase limit has been adjusted three times from the past to the present. Initially, PayPal set the weekly cryptocurrency purchase limit at $10,000, which was later raised to $15,000 due to the initial limit being too low to meet user demand. The latest update is that the company has decided to once again increase the weekly limit to $20,000, doubling the original amount.

CEO Dan Schulman pointed out that the support for cryptocurrencies is because he believes that digital currencies are an inevitable trend for the future.

"The shift to digital forms of currency is inevitable, and digital currencies bring significant advantages in financial inclusion, payment system efficiency, speed and flexibility, and the government's ability to quickly distribute funds to citizens."

For users in other countries, the most pressing question is when the cryptocurrency trading feature will be available globally. According to the company, global cryptocurrency trading and payment services are expected to launch worldwide in early 2021, along with cryptocurrency payments on Venmo.