PayPal declared it’s dropping the waitlist to purchase, hold, and sell cryptocurrency in the U.S. With the move, all consumers in the U.S. will be capable of buying cryptocurrency right from within their PayPal accounts.
United States PayPal users will also be informed of the new feature through both an email and a push notification in the coming days, the company states.
The feature was previously somewhat available in the U.S, but PayPal had been onboarding enthusiastic buyers and sellers via a waitlist. With the update, users will no longer have to wait for a point to open.
PayPal states that due to the first demand from its customers, it’s growing its weekly cryptocurrency purchase limit from $10,000 per week to $20,000 per week.
In October, PayPal had first announced its intentions to enter the cryptocurrency market by way of a partnership with cryptocurrency company Paxos.
This partner accommodates to power the new service for PayPal, enabling its customers to buy, sell, and hold a range of cryptocurrencies initially including Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
By next year, PayPal intends to let users make PayPal purchases with cryptocurrencies as well, the company has said.
In terms of exchange rates (Charges), PayPal will charge $0.50 USD on transactions up to $24.99 USD, 2.3% on transactions from $25 to $100 USD; 2% on transactions from $100.01 to $200 USD; $1.8% on transactions of $200.01 to $1,000 USD; and 1.5% on transactions over $1,000 USD.
PayPal writes there are no fees for holding crypto in your account. And, to get things began, PayPal is ignoring fees until 2021.
PayPal states users can download the PayPal app or log in to their PayPal account to learn more about PayPal Cryptocurrency.