PayPal moves quickly. A few weeks ago, the company announced that it was changing its platform so that users can purchase cryptocurrencies like bitcoin and Ethereum. Also, customers can pay for items and services utilizing digital assets.
PayPal Removes All Restrictions
All of PayPal’s cryptocurrency services are available to all customers in the United States, signifying that the company is unwilling to take a step back and is trying to get things in order as soon as possible. Last week, just 10% of its clientele can access the company’s crypto services. Now, they are available to 100% of its US-based customers.
Individuals can now purchase up to $20,000 in crypto assets per day. Formerly, the limit was $10,000, telling that its international clients and Venmo users will also gain access to many crypto services during the half of 2021.
It is new to see that PayPal is working hard to establish itself as a crypto-based platform. Aside from allowing people to purchase crypto and use it as a payment method, the firm had also tied itself to Paxos Trust so that it can run in the Big Apple. All New York-based cryptocurrency firms are required to acquire specific licenses to offer their services to customers in the city.
Along with Paxos Trust, PayPal has gotten its fingers on a BitLicense. Moreover, the company had also stated that it is looking to purchase cryptocurrency custody firms like Bit Go. It would make it far more powerful and fully establish it as a leading digital assets enterprise. Right now, no sales have been set in stone yet; offers are now being looked at.
Why Is Crypto So Important?
A reason for PayPal’s rebranding itself is because crypto has become one of the most dependable asset classes in 2020. After the rise of the coronavirus pandemic in March, the financial space had been up and down. Many investors see the US Dollar and other fiat currencies are weak by comparison, given that they have been subject to inflation and other harsh economic conditions that affect their stability and prices.
Bitcoin and crypto are now potential tools to hedge one’s wealth and keep portfolios safe during the financial strife. It can also be argued that PayPal is ready and willing to be in the middle of all that and take all profits of what will be a massive factor for many clients in the US and overseas.
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