Fintechs is one of the ways they have stood out from traditional banks by accepting crypto trading. For some of the biggest names in the sector, the expansion has succeeded. Take PayPal. Following in the footsteps Square Cash application, the company started enabling American members to buy, hold and sell Bitcoin, Litecoin, Ethereum and Bitcoin cash back in November. This was followed by the option to billing with crypto March and brought crypto trading to its subsidiary Venmo next month. Now, as part of its continued promotion of digital currencies, PayPal is increasing the amount of crypto users they can buy to $ 100,000 per week and abolishing the annual limit of $ 50,000.
The extension means a fivefold increase in the limit for purchasing a crypto service in less than a year. PayPal says it also adds its in-app guides and educational materials on cryptocurrencies to help shatter myths about virtual currencies. In January, PayPal invested in a US-based technology startup Taxbit, which helps consumers and businesses calculate the cryptocurrency tax.
The payment company has made it clear that its cryptocurrency is related to start-up engagement. I’m talking at JP Morgan’s annual technical conference in May, PayPal CFO John Rainey said people who bought crypto use the app twice as much as others. Much of that is people checking the prices of their properties. Rainey added that 50 percent of crypto owners use the app on a daily basis.
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