PayPal ups weekly crypto purchase limit fivefold to $100,000

The PayPal application can be viewed on a mobile phone.

Felix Kästle | Image Alliance | Getty Images

PayPal increases the number of cryptocurrency users that users can buy by five times.

PayPal users can now buy $ 100,000 worth of Bitcoin and other digital assets per week, up from a previous limit of $ 20,000. The company is also cutting its $ 50,000 annual purchase limit.

“These changes will allow our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” said Jose Fernandez da Ponte, vice president of PayPal and blockchain, crypto and digital currencies, in a statement Thursday.

PayPal started allowing users to purchase cryptocurrencies in October 2020. It later added the ability to purchase Bitcoin, Ether, Litecoin, and Bitcoin cash through its Venmo mobile payment app. The product has a $ 1 spend request and allows users to share crypto purchases with friends through Venmo’s social feed.

At the time, the move was seen as a significant step towards bringing digital assets to mainstream buyers and fueling the rally of Bitcoin earlier this year. The world’s first and largest cryptocurrency has lost about half of its value since hitting an all-time high of over $ 60,000 in April. Bitcoin was trading near $ 31,000 on Thursday afternoon while PayPal shares closed more than 1.4% lower.

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