Following up on the reports that PayPal was exploring crypto payments and trading last month, the payments firm announced this Thursday that the new services are now officially live for selected US-based customers.
According to the launch announcement, all eligible US PayPal customers may now purchase, sell, or hold crypto assets directly on the PayPal platform. The firm then noted that trading features would have a weekly limit of $20,000, which is actually double the initially announced $10,000 limit. This decision is reportedly driven by the overwhelming demand PayPal received for the services since the news of their crypto trading plans hit the waves. Notably, PayPal also stated that it plans to extend the service to the 26 million merchants they have all around the world and expand into Venmo as early as next year.
It is also worth noting that the firm’s worldwide merchants would not actually receive any cryptocurrencies, as PayPal will alter them to fiat currency at the immediate point of sale. Furthermore, there is no way to move the coins away from its original PayPal account for now, at the very least. Sadly, as feared by several industry experts, PayPal will hold users’ cryptocurrency holdings.