By Solomon Odunayo
As a report has it, the payment giant, PayPal, has announced the launch of cryptocurrency trading and payment for the residents of the United States.
On Thursday 12th November 2020, PayPal announced that crypto trading and payments have gone live for all eligible customers in the country.
Trading Limit Is Now $20,000 per Week
According to the report, eligible customers in the United States can trade a limit of $20,000 per week, which is a 100 percent increase of $10,000 initially announced.
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It is in the interest of PayPal to make cryptocurrency trading and payment available for its relatively 26 million customers across the world.
As stated by a PayPal representative, the company will notify its customers in the United States about the new development subsequently.
The CEO of PayPal, Dan Schulman, pointed out that the company’s decision to support cryptocurrency is born out of what he termed as an inevitable transition into the world of virtual currencies.
Schulman noted:
“The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
More payment giants are also expected to launch crypto trading and payment on their respective platforms next year, which serves as an indication that the global adoption of cryptocurrency would happen earlier than expected.
Read Also: United States’ Federally Chartered Banks Have Been Granted Approval to Crypto Custody
A few weeks ago, the payment giant announced its intention to delve into crypto trading and payment. The announcement stated that the service will be extended to only Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), and Litecoin (LTC) for a start. BTC’s price later reacted positively to the announcement.
As part of its crypto services, PayPal received the first conditional Bitlicense from the New York Department of Financial Services, one of the toughest sub-national financial regulators in the United States.
According to Jameson Lopp, the co-founder and CTO of Casa, “PayPal is legally required by its Bitlicense to hold real Bitcoin 1:1 for every Bitcoin a user buys on its platform.”