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PayPal Opens Crypto Floodgates, Allows All Users in US to Buy Bitcoin, Ethereum, Bitcoin Cash and Litecoin

November 13, 2020

Online payments giant PayPal is now granting all US users access to its newly introduced cryptocurrency services.

PayPal is updating its late-October promise to offer cryptocurrency usage to all of its US customers. As of Thursday, all US-based PayPal users can buy, sell, and hold Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH) and Litecoin (LTC). Up until now, the service was only accessible to 10% of PayPal’s client base.

The platform has received two or three times higher than expected demand for access to its crypto services, and has increased its daily crypto purchases limit to $15,000 and its weekly crypto purchases limit to $20,000 since its original announcement.

The company has plans to expand its crypto services even further in early 2021. According to PayPal’s press release, the online payments platform will allow its user base to pay with their cryptocurrency holdings at its 26 million merchants around the globe beginning in early 2021.

Coming in the first half of 2021, PayPal will extend its crypto services access to Venmo and some international users. The feature is made possible through PayPal’s partnership with fintech firm Paxos Trust Company.

PayPal’s expanding cryptocurrency rollout pushes it further down the path toward meeting its goal to “increase consumer understanding and adoption of cryptocurrency.”

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Gonin