PayPal allows users to buy $100,000 in cryptocurrency a week

The US online payment giant PayPal has previously launched a cryptocurrency purchase service. Users who want to purchase cryptocurrency can complete it directly through PayPal without the need for an exchange.

At the same time, users can also send encrypted currencies to other users similar to transfers, but based on risk control considerations, PayPal previously restricted the annual purchase limit of each user.

In the latest policy, PayPal adjusted the cryptocurrency purchase limit, directly canceling the annual limit and users can purchase up to $100,000 in cryptocurrency every week. This means that users in need can purchase at least $5.2 million in cryptocurrency through the PayPal platform each year.

“PayPal employee shtuttle” by Richard Masoner / Cyclelicious is licensed under CC BY-SA 2.0

Currently, the cryptocurrency transactions provided by the PayPal platform support Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Other cryptocurrencies have not yet been supported.

After the user registers with PayPal and completes the real-name authentication, he can bind his bank card, and then directly purchase these cryptocurrencies currently provided by PayPal through the bank card.

Of course, this feature is currently only available to users in the United States and needs to submit a complete identity certificate. PayPal needs to use these certificates to conduct anti-money laundering supervision.

The cryptocurrency purchased by users through the PayPal platform can either be stored in their own wallets or directly used to connect with millions of merchants for online payments.

When making online payments, PayPal will convert the consumption amount into the corresponding cryptocurrency for deduction in real-time, so the PayPal merchants actually receive US dollars.

Via: CNBC