Finally the much anticipated PayPal’s crypto services have been duly launched. Now the customers based in US can use the facilities of PayPal’s digital wallet. They can now store their digital assets with PayPal alongwith selling, purchasing and/or trading digital assets.
A customer is entitled to trade approximately US$ 20,000 worth digital currency every week. Earlier the limit was proposed to be US$ 10,000. However, with the pre-launch influx of intended customers, PayPal had to increase this limit to facilitate them. For the time being, the PayPal’s crypto services are available for US based customers.
PayPal had informed earlier that for launching its crypto service it had to start these services for US customers initially. It was further told that in the mid of 2021, crypto services will be made available for global customers also.
It had been further indicated by PayPal that at least 26 million merchants have been taken on board globally. These merchants will be sending and receiving digital funds from PayPal’s customers.
An official of PayPal apprised Cointelegraph that in few days US-public will be intimated officially regarding initiation of PayPal’s crypto-services.
On the occasion, PayPal’s CEO Dan Schulman also indicated that they have taken the first step towards mass-adoption of cryptocurrencies. He stated that after PayPal many will be forced to support the existence of cryptocurrencies because it is inevitable. He highlighted that there are multifarious benefits in using digital currencies which provides advantages to financial system and consumers.
In late October this year, PayPal had announced its project of integrating digital currencies. Resultantly, the price of Bitcoin had been climbing since then. Similarly, soon after the announcement, there was a constant leap within the price of PayPal’s stocks.
Earlier it was said that if there was something which could hamper PayPal’s business, it was cryptocurrencies. No one had ever thought that the potential rivals will become partners in the future. In fact the merger of the two had brought prosperity for both simultaneously.
It has been further confirmed that the New York Department of Financial Services had recently issued Bitlicense to PayPal. This license is mandatory for any business which wanted to render crypto services.