PayPal (NASDAQ:PYPL) is increasing the amount of cryptocurrency users can purchase by five times to a new weekly limit of $100,000 U.S.
PayPal users can now buy $100,000 U.S. worth of Bitcoin, Ethereum and other digital assets each week, up from a previous limit of $20,000 U.S. The company is also scrapping its annual purchase limit of $50,000 U.S.
PayPal first started allowing users to buy Bitcoin in October 2020. It later added the capability to also buy Ethereum, Litecoin and Bitcoin Cash on its mobile payment app called “Venmo.” Users can share cryptocurrency purchases with friends through Venmo’s social feed.
PayPal’s cryptocurrency features were seen as a significant step to bringing digital coins and tokens to mainstream buyers and fueled Bitcoin’s rally earlier this year.
Bitcoin, the world’s largest cryptocurrency, has lost roughly half of its value since touching an all-time high above $64,000 U.S. in April. Bitcoin is currently trading near $31,000 per coin.