PayPal, US has made an announcement that it will now let its United States account holders to buy, sell, and hold cryptocurrencies right away from their PayPal account. This feature was partially available in the US, PayPal onboard the interested customers through the wait-list facility. "With the update, users will no longer have to wait for a spot to open," informs a website. Due to the increased demand from its customers, the company has also increased the weekly cryptocurrency purchase limit from $10,000 per week to $20,000.
In terms of exchange rates, PayPal will charge $0.50 on transactions up to $24.99, 2.3% on transactions from $25 to $100; 2% on transactions from $100.01 to $200; $1.8% on transactions of $200.01 to $1,000; and 1.5% on transactions over $1,000, mentioned the report. From next year, PayPal is planning to bring cryptocurrency into Venmo digital wallet and will allow users to pay merchants with their cryptocurrency holdings.
However, there is no information about the extension to other countries but the company hints it will come to "select international markets in the first half of 2021". PayPal has first announced its plans to enter the cryptocurrency market in partnership with cryptocurrency company Paxos.