PayPal has confirmed the lifting of restrictions and raised crypto purchase limits for cryptocurrency allowing eligible customers in the US to purchase up to $100,000 per week.
It comes as the payment giant is seeking to remain flexible and ‘help demystify some misconceptions customers may have about crypto’.
The changes are aiming to enable customers to have more choice and flexibility in the way they engage with cryptocurrency.
Earlier in the year, PayPal continued its expansion into the currency, enabling its US-based customers to conduct international transactions using a range of cryptocurrencies, resulting in a further price increase in Bitcoin.
According to Forbes, the decision by PayPal to enhance its cryptocurrency capabilities has led to Bitcoin’s value rising to $144 billion as of 30 March, an increase of 2%, pushing its total market capitalisation to $1.1 trillion.
The platform’s Checkout with Crypto feature converts crypto holdings to fiat currency when its users checkout, with no additional transaction fees and a guaranteed certainty of value. All transactions are currently settled in USD and converted to the relevant national currency.
PayPal claims that businesses can utilise the feature – which will automatically appear in the PayPal wallet at checkout – as a new way of receiving payments, whilst also providing customers with sufficient cryptocurrency balances to cover purchases.
Dan Schulman, CEO, PayPal, remarked at the time of the growth: “As the use of digital payments and digital currencies accelerates, the introduction of Checkout with Crypto continues our focus on driving mainstream adoption of cryptocurrencies, while continuing to offer PayPal customers choice and flexibility in the ways they can pay using the PayPal wallet.
“Enabling cryptocurrencies to make purchases at businesses around the world is the next chapter in driving the ubiquity and mass acceptance of digital currencies.”