A digital financial giant PayPal has officially launched cryptocurrency services for all its US clients. According to an official announcement, starting from November 12, all of its eligible US customers can buy, hodl or sell digital assets directly from their PayPal accounts.
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The company says it has also increased its weekly purchase limit up to $20,000.
We are pleased to announce that starting today, all of our eligible US customers can now buy, hold and sell #Cryptocurrency directly from their PayPal accounts. We’ve also increased our weekly purchase limit to $20K. Learn more: https://t.co/5yrpNOuA6y pic.twitter.com/2nZHm9qCNI— PayPal (@PayPal) November 12, 2020
PayPal first reported about its support for cryptocurrencies in October. The company said then that the migration toward crypto payments and digital representations of value "continues to accelerate, driven by the COVID-19 pandemic and the increased interest in digital currencies from central banks and consumers."
PayPal plans to allow all of its clients to use crypto services starting from 2021. Consumers will be able to instantly convert their selected cryptocurrency balance to fiat currency, with certainty of value and no incremental fees, the company emphasized.
In November, Northumbria Police issued a warning via its official Twitter account over a crypto-focused scam pretending to be PayPal's help service.
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