PayPal announced today
it's dropping the waitlist to buy, hold and sell cryptocurrency in the U.S.
With this big move, all customers in the U.S. will be able to purchase
cryptocurrency directly from within their PayPal accounts. U.S. customers will
also be alerted to the new feature through both an email and a push
notification in the coming days, the company says.
The feature was already partially
available in the U.S. before today, but PayPal had been onboarding interested
customers via a waitlist. With this update, users will no longer have to wait
for a spot to open.
In addition, PayPal says that due
to initial demand from its customers, it's increasing its weekly cryptocurrency
purchase limit from $10,000 per week to $20,000 per week.
In October, PayPal
had first announced its plans to enter the cryptocurrency
market by way of a partnership with cryptocurrency company Paxos. This partner helps to power the
new service for PayPal, enabling its customers to buy, sell and hold a range of
cryptocurrencies -- initially including Bitcoin, Ethereum, Bitcoin Cash and
Litecoin.
By next year, PayPal plans is to
allow users to make PayPal purchases with cryptocurrencies as well, the company
has said.
In terms of exchange rates, PayPal
will charge $0.50 USD on transactions up to $24.99 USD, 2.3% on transactions
from $25 to $100 USD; 2% on transactions from $100.01 to $200 USD; $1.8% on
transactions of $200.01 to $1,000 USD; and 1.5% on transactions over $1,000
USD.
PayPal notes that there are no fees
for holding crypto in your account. And, to get things started, PayPal is
waiving fees until 2021.
The company somewhat quietly
disclosed the news today via an update to last month's press release. It says users can
download the PayPal app or log in to their PayPal account to learn more.
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