PayPal Now Allows Crypto Trading for All US Users

PayPal has announced the immediate removal of its waitlist for buying, selling, and holding cryptocurrencies within the United States. This change grants all U.S. customers the ability to directly acquire cryptocurrency through their existing PayPal accounts. The company states that users will receive notification of this new functionality via email and push notifications in the coming days.

Previously, access to this feature in the U.S. was limited and granted to customers through a waitlist system. This update eliminates the need for users to wait for availability.

Furthermore, PayPal is increasing the weekly limit for cryptocurrency purchases, responding to significant customer demand. The limit is being raised from $10,000 per week to $20,000 per week.

PayPal initially revealed its entry into the cryptocurrency market in October through a collaboration with Paxos, a cryptocurrency firm. Paxos provides the technology that supports this new service, allowing PayPal customers to buy, sell, and store various cryptocurrencies – including, at launch, Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.

Looking ahead, PayPal intends to enable users to utilize their cryptocurrency holdings to make purchases through PayPal next year, according to company statements.

Regarding transaction fees, PayPal will apply a charge of $0.50 USD for transactions up to $24.99 USD, 2.3% for transactions between $25 and $100 USD, 2% for transactions from $100.01 to $200 USD, 1.8% for transactions from $200.01 to $1,000 USD, and 1.5% for transactions exceeding $1,000 USD.

PayPal emphasizes that there are no charges associated with simply holding cryptocurrency within a PayPal account. As an introductory offer, PayPal is also currently waiving these transaction fees until 2021.

The company communicated this update discreetly through a revision to last month’s original press release. Users are encouraged to download the PayPal application or access their PayPal account online for additional details.