PayPal Removes Waitlist for New Crypto Service, Boosts Weekly Purchase Limit to $20K

All eligible PayPal accountholders in the U.S. can now buy, hold and sell cryptocurrency, the company announced Thursday.

AccessTimeIconNov 12, 2020 at 5:14 p.m. UTC
Updated May 9, 2023 at 3:13 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

All eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency, the company announced Thursday. The firm also increased the amount of crypto that users can purchase in a week.

PayPal confirmed its crypto plans in a Oct. 21 announcement that sent shockwaves across the industry.

  • What a New U.S. Consumer Watchdog Proposal Could Mean for Crypto Payments
    01:15
    What a New U.S. Consumer Watchdog Proposal Could Mean for Crypto Payments
  • PayPal Facing SEC Subpoena Linked to Stablecoin Could Be a 'Power Grab,' Former Paxos Exec Says
    10:57
    PayPal Facing SEC Subpoena Linked to Stablecoin Could Be a 'Power Grab,' Former Paxos Exec Says
  • 'Santa Rally' Could Spark Bitcoin to $56K by Year-End; PayPal Faces SEC Inquiry
    02:16
    'Santa Rally' Could Spark Bitcoin to $56K by Year-End; PayPal Faces SEC Inquiry
  • SEC Is 'Poking and Prodding Around' With PayPal Subpoena: Analyst
    00:48
    SEC Is 'Poking and Prodding Around' With PayPal Subpoena: Analyst
  • During the firm's most recent earnings call on Nov. 2, CEO Dan Schulman said only 10% of PayPal customers in the U.S. had access to the crypto service at the time.

    Citing steep demand, the publicly traded payments giant upped its weekly crypto purchase limits from $10,000 to $15,000 at the time and said remaining U.S. customers would get access to crypto in the next two to three weeks. By acting so quickly and raising the purchase limit yet again, PayPal is clearly finding a warm reception for its crypto offerings.

    "Due to initial demand from our customers, we've also increased our weekly cryptocurrency purchase limit from $10K/week to $20K/week," PayPal spokesman Aaron Gould said Thursday.

    Plans to bring crypto services to Venmo and international customers in the first half of 2021 remain unchanged, Gould said. The service comes by way of a partnership with Paxos, a registered fintech firm based in New York that will handle all crypto custody on PayPal's behalf.

    PayPal's crypto service initially supports bitcoin, ether, bitcoin cash and litecoin – but only with limited functionality. Some have criticized the firm for its restrictive approach.

    According to PayPal's cryptocurrency terms and conditions: "You currently are NOT able to send Crypto Assets to family or friends, use Crypto Assets to pay for goods or services, or withdraw Crypto Assets from your Cryptocurrencies Hub to an external cryptocurrency wallet."

    The price of bitcoin has risen 32.54% from Oct. 21, the date of PayPal's announcement, to Nov. 11, according to CoinDesk data.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


    Read more about