On July 15, PayPal announced that it was increasing limits on customer purchases of crypto to $100,000 per week for U.S. users, with no annual restrictions.
One of the leaders in crypto at the firm, Jose Fernandez da Ponte, cited “the ever-changing needs of our customers” in the announcement. Alongside the increase in purchase limits, da Ponte also spotlighted PayPal’s efforts to expand its crypto educational services.
The online payments firm opened up its crypto services to the general public in November with a weekly limit of $20,000.
PayPal’s crypto offerings are, however, fully custodial. Users do not have the ability to withdraw their digital assets into outside wallets.
Since launch, speculation has been rife as to when the firm will enable withdrawals outside of its own platform, which executives have confirmed to be a priority.
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