PayPal says it's opening up crypto services to all eligible U.S. users
November 12, 2020, 12:11PM EST
1 min read
PayPal said Thursday that it is opening up its nascent cryptocurrency services to all eligible U.S. users.
"We are pleased to announce that all eligible PayPal accountholders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal," the firm said in a statement.
The move follows disclosures of high demand from PayPal's leadership. On an earnings call earlier this month, PayPal CEO Daniel Schulman remarked that "our base is very eager for us to offer these capabilities" and that the firm's waiting list was bigger than expected.
A representative referenced the degree of demand in the email, noting how PayPal is also lifting its weekly purchase limit for cryptocurrencies as well.
"Due to initial demand from our customers, we’ve also increased our weekly cryptocurrency purchase limit from $10K/week to $20K/week," the spokesperson said.
PayPal went public with its crypto offerings plan in late October, as reported at the time.