No More Waitlist, PayPal’s Crypto Trading Service for U.S. Customers Goes Live
On Thursday, November 12, payments giant PayPal Holdings announced that it is finally going live with its crypto trading service for its U.S. customers. It means that U.S. customers will no longer have to be in the waitlist to buy, hold, and sell cryptocurrencies.
The updated press release from PayPal states: “We are pleased to announce that starting today, all of our eligible US customers can now buy, hold and sell Cryptocurrency directly from their PayPal accounts”.
The latest announcement comes in less than a month after PayPal officially announced its entry in the crypto space last month on October 21. Ever since the amount, PayPal has witnessed huge requests for customers wanting to use it crypto trading service.
Although PayPal started releasing the service for some users, other were waitlisted. But no more! On Thursday, PayPal said that all its U.S. customers will be alerted of the new feature via push notifications and email.
PayPal CEO Daniel Schulman said that ever since they announced its crypto trading service the list of customer requests has just expanded. Thus, PayPal has increased the weekly crypto purchase limit to $20,000 from the previous $10,000.
Note that as of now, users are only limited to buying, holding, and selling cryptocurrencies via their PayPal accounts. Users cannot transfer their crypto holdings from one account to other or even to any external wallet. Moreover, PayPal is also supporting only four cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).
PayPal has different fee structure for different slabs of transaction amounts. However, looking at other crypto trading services in the market, PayPal looks a bit expensive at this point.
Last week, the PayPal chief executive said that his company is also working with central banks and building infrastructure to support CBDCs in future. Schulman thinks that it is only a matter of time that CBDCs will go live.
PayPal is committed to bring crypto trading services worldwide by the first half of 2021. PayPal will also be bringing crypto trading service to its Venmo app in competition to other existing platforms like Square.
Besides, the company also has plans to introduce crypto shopping facility to all its registered merchants and users.