PayPal has announced that it will now allow customers in the U.S. to buy up to $100,000 in crypto per week.
That’s a substantial increase from the $20,000-a-week limit that had been in force since the platform’s crypto service launched last October.
Announcing the change, PayPal executive Jose Fernandez da Ponte said:
“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”
PayPal also stressed that it is regularly updating its educational materials on cryptocurrency to “help demystify some misconceptions customers may have about crypto.”
This service allows PayPal users to buy, sell and hold four digital assets: Bitcoin, Ether, Bitcoin Cash and Litecoin.
A recent change means that crypto owners on the site can also use these coins to make purchases at millions of merchants around the world.
Back in February, PayPal had announced that it planned to expand this service to the United Kingdom — but so far, there’s been little sign of its arrival.
The company appears to have been incredibly enthusiastic about the impact that its crypto division has had. PayPal’s CEO Dan Schulman has said the payments giant has a roadmap to introduce a range of new features, adding that data appears to show people who buy crypto through its site tend to log in more.
Square Steps Up
In other developments, Square CEO Jack Dorsey has announced that a new business is being created that has “the sole goal of making it easy to create non-custodial, permissionless and decentralized financial services” — and that its primary focus will be Bitcoin.
Dorsey, who is also the CEO of Twitter, is a big BTC enthusiast. Square is also planning to develop a hardware wallet that will allow people to store their crypto away from an internet connection.
He has previously said that he is determined to ensure that greater numbers of financial institutions embrace Bitcoin — and is also involved in efforts to ensure that BTC’s blockchain can become more environmentally friendly.