PayPal, a major US payment company, officially launched Bitcoin trading service for users in the United States.
November 13, 2020 | AtoZ Markets – Payment company PayPal has announced the opening of access to Bitcoin and several altcoins for its American customers. Supported cryptocurrencies include Bitcoin, Bitcoin Cash, Ethereum, and Litecoin.
“We are pleased to announce that all eligible US account holders can now buy, hold and sell cryptocurrency directly through PayPal,” the company said in a statement.
PayPal launches cryptocurrency trading service for U.S. users
In the latest announcement, due to high customer demand, the weekly purchase limit of cryptocurrencies for users, previously planned at $10,000 per week, has been increased to $20,000.
PayPal CEO Daniel Schulman has commented that the list of candidates for users who want to use the service has expanded more than expected since the announcement of the cryptocurrency trading service.
First of all, the service will be provided only within the PayPal network, and in the first half of 2021, the ban on the trading service of Venmo, a social payment service under its umbrella, will be lifted, and the service will be expanded to countries other than the United States.
Unlike ordinary wallets and exchanges, the service mechanism does not allow external remittance of purchased virtual currency, and all services are provided only for use on PayPal.
Therefore, cryptocurrencies purchased with PayPal have a closed design that cannot be withdrawn from PayPal’s wallet, but it is also common for crypto investors who have just entered the market and are not resistant to compatible public chains. Many people are paying attention to the fact that they can purchase virtual currency as if they were using the service.
Recall that PayPal announced the launch of the function of buying, selling, and storing Bitcoin and other cryptocurrencies in October. CEO Dan Shulman also said the company could start working with central bank digital currencies (CBDCs). In his opinion, their launch is only a matter of time.
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