You could already buy Bitcoins and other cryptos via PayPal, but now the fintech company is embracing digital coins even more!
The PayPals of this world obviously don’t want to miss the boat. Cryptos are big business and they are getting into it too. And this is certainly a good way to stand out from the traditional banks. For some of the big boys in this sector, this is already a success, such as PayPal. In November of this year, it started facilitating their US customers to buy back, hold and sell Bitcoin, Litecoin, Ethereum and Bitcoin cash.
PayPal and Bitcoin
In March, after the previous success, the option to settle with crypto followed, and PayPal moved crypto trading to subsidiary Venmo the following month. Now the company is increasing the number of crypto users who can buy up to $100,000 per week and there is no more annual cap.
And that limit has been adjusted many times. Customers apparently want to trade the coins more often and for more money. The expansion has already been done five times in one year. PayPal is well aware that there are also risks to the trade for its customers. That’s why it adds comprehensive in-app tutorials and educational materials about cryptocurrency. And that fits within the line of the company, because in January PayPal made an investment in the tech startup Taxbit. This new company calculates the taxes owed on the possession of cryptos for consumers and companies.
PayPal lets their customers buy cryptos through an app, among other things. This one is widely used. Speaking at JP Morgan’s annual technical conference in May, PayPal CFO John Rainey said that people who have bought crypto use the app twice as much as others. A large part of these are people who check whether they have made a profit or a loss. You would like to know that. Rainey added that 50 percent of crypto holders use the app on a daily basis.