PayPal ended its waitlist for customers looking to use cryptocurrency in the U.S. Trading features a limit of $20,000 per week, which is double the originally announced $10,000, the payments giant announced Thursday.
“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.
CEO Dan Schulman said only 10% of PayPal customers in the U.S. had access to the crypto service at the time. He noted that the shift to supporting crypto was driven by what he sees as an “inevitable” drift toward virtual currencies.
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
Much-anticipated global services are expected to launch at the beginning of 2021, alongside crypto payments on Venmo. 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.
BTC has risen 35% from Oct. 21, the date of PayPal’s announcement, to the time of writing.