Since the fourth quarter of the year 2020 began, many mainstream institutions have joined the cryptocurrency platform. They have started making huge investments in the cryptocurrency sector in order to benefit from it.
So far, hundreds of mainstream institutions have made investments in cryptocurrencies. However, no mainstream institution can ignore the contribution from PayPal when it comes to bringing more exposure to the crypto-industry among mainstream institutions.
Since October of 2020, PayPal has made several announcements that have helped boost the price and demand of cryptocurrencies. Due to PayPal’s support, the cryptocurrency industry has experienced a significant boost and surge in its prices and market capitalization.
The first-ever announcement that PayPal made in support of cryptocurrencies was the adoption of major cryptocurrencies on its platform. The online payment services giant allowed 334 million of its users all over the world the ability to buy and sell major cryptocurrencies.
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Initially, PayPal added major cryptocurrencies that include BTC, ETH, LTC, and USDT among others. Over time, PayPal made announcements of adding more digital assets to its portfolio for the benefit of its users.
This helped cryptocurrencies gain even more adoption and exposure in the mainstream industry as well as retail investors. Later on, PayPal made another announcement revealing that it was going to let its users withdraw cryptocurrencies directly to their personal crypto-wallet accounts.
Another announcement from PayPal revealed that its users make purchases at millions of merchants supported by PayPal using cryptocurrencies. The latest announcement PayPal made was the launch of Venmo, which it had developed solely for the cryptocurrency utility.
Just recently, PayPal has made another announcement in support of the cryptocurrency users on its platform. For now, PayPal has announced that the announcement is only for the citizens of the United States and it deals directly with the crypto-transactions limitations.
The firm has announced that it has increased the maximum purchase value of cryptocurrencies per week for its users. Initially, the PayPal users based in the United States were allowed to purchase $20,000 worth of cryptocurrencies per week at max.
Following the announcement, the maximum cryptocurrency purchase limit has been increased by PayPal for its US-based users. Now the United States PayPal users can purchase up to $100,000 worth of cryptocurrencies per week from its platform. This means that PayPal has increased the weekly crypto-purchase limit for US-based users by 500%.
According to PayPal, the reason behind the increment of the maximum limits is based on the number of transactions they are currently observing for cryptocurrencies. Initially, the maximum purchase limit per week for US-based users was $10,000 until it was increased to $20,000, following the demand.