Payment giant PayPal has effectively lifted the waiting list for users looking to use its cryptocurrency service, allowing all eligible US customers to buy, sell and hold cryptocurrencies.
PayPal opens its doors to all cryptocurrency customers in the US.
On Thursday, PayPal announced in a brief update to its original announcement on October 21 that its cryptocurrency trading service is now live.
"We are pleased to announce that all eligible PayPal account holders in the US can now buy, hold and sell cryptocurrencies directly with PayPal."
PayPal just enabled crypto purchasing for all eligible US customers. I got a notification and here’s what it looks like in the app. pic.twitter.com/bKURuq2H3w
– Eric Conner (@econoar) November 12, 2020
PayPal shocked the world last month when it announced that it was in the process of making cryptocurrencies available to its customers. Earlier this month, the company's CEO Dan Schulman revealed during an earnings call that only 10% of US customers were able to access the cryptocurrency service at that time.
As a result of the overwhelming demand observed, PayPal increased the weekly cryptocurrency spending limit from $ 10,000 to $ 15,000. The US-based online payments company has increased the weekly purchase limit once again, allowing users to buy up to $ 20,000 worth of crypto per week.
PayPal customers in the United States can now use Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) to purchase products from any of the company's 26 million merchants worldwide. However, these merchants will not receive cryptocurrencies, as PayPal will immediately convert the cryptocurrencies into fiat currency.
The firm plans to expand the cryptocurrency service to the Venmo app and international clients early next year.
However, some people are not overly excited about PayPal's new cryptocurrency offering due to its restrictions. For example, users cannot transfer their cryptocurrency holdings to another account and cannot withdraw money to a personal cryptocurrency wallet.