Cryptocoin - Clients will be able to trade up to $ 20,000 per week instead of the $ 10,000 originally announced. On Thursday, PayPal's crypto trading and payments went live for all eligible customers in the United States.
What's in the Announcement?
According to the updated announcement, PayPal has ended the waiting list for customers who want to use cryptocurrencies in US Trade. The limit has been changed. The initially announced $ 10,000 limit has now been increased to $ 20,000.
PayPal plans to eventually roll out crypto payments for 26 million traders globally.
A representative said in a statement that PayPal will inform US customers about the general availability of crypto services in the coming days.
The Inevitable Tendency To The Crypto Space
PayPal CEO Dan Schulman says the switch to supporting crypto means an "inevitable" shift towards cryptocurrencies.
Along with cryptocurrency payments on Venmo, the highly anticipated global services are expected to launch in early 2021. PayPal initially announced plans to integrate crypto three weeks ago. The announcement led to an increase in the BTC price.
As part of its cryptocurrency services, PayPal received the first conditional Bitlicense from the New York Financial Services Department, one of the most hawkish sub-national financial regulators in the US.
Many have stated that the terms of PayPal's crypto services will require the purchase of coins. The platform is likely inseparable as part of a consensus with regulators to bring crypto services to such a large user base.
