PayPal Holdings Inc. (NASDAQ:PYPL) Expands Support For Cryptocurrency Purchase Services To All US Users
PayPal Holdings Inc. (NASDAQ:PYPL) has announced that all accounts users in the US can now buy, sell and hold cryptocurrencies. The payments company recently announced support for crypto, and customers will now buy crypto directly.
All PayPal account holders in The US to access crypto purchase
The company indicated that US customers would receive an email or push notification about the new feature in the coming days. This feature was partially available to US customers, but the company has been onboarding those interested through a waitlist. With the new feature, US customers will not have to be on a waiting list to wait for a spot to open, and they can now buy and sell Litecoin, Bitcoin, Ethereum and Bitcoin Cash freely.
From next year the company is planning to bring crypto to Venmo and will let users make payments using cryptocurrencies. For now, PayPal has not detailed plans to make crypto in other regions but has indicated that it will be selecting international markets in 1H 2021. PayPal stated that because of initial demand from customers, it would increase the weekly crypto purchase limit to $20,000 for $10,000 per week.
PayPal partnering with Paxos to offer crypto trading services
The company first announced in October its plans of entering the crypto industry through a partnership with Paxos. Paxos will help in powering PayPal’s new service, which will enable users to sell, hold and buy different cryptocurrencies. Through Paxos, PayPal will run trading and custody of cryptocurrencies, and users will be using their assets to fund purchases. This will help users in making purchases through crypto without converting them on the exchange first.
With plans to allow users to purchase cryptocurrencies from next year, PayPal will be charging $0.5 on transactions of up to $24.99. it will also charge 2.3% on transactions between $25 and $100, 2% for transactions between $100.01 and 4200 and 1.8% on transactions between $200.01 and $1,000 while those above $1,000 will cost 1.5%. Interestingly there will be no fees charged for holding cryptocurrencies in your account, and the company has waived fees until next year.