Sirlibz
PayPal has announced that it will be increasing the crypto limit from $10,000 to $15,000 two weeks after it’s announcement of allowing customers purchase crypto assets. The announcement on Oct 21 was a good drive for the crypto markets as Bitcoin and other cryptocurrencies pumped in price. PayPal executives have confirmed that after launch, customers have been asking for a higher limit in their buying power and amount.
“It really came up very high on their wish list,” said Schulman, adding that the waiting list to use crypto was “two times to three times of what our expectations were.”
PayPal is described as one of the fastest, safer ways to send money, make online payment, receive money or set up a merchant account. They currently have over 300 million estimated users and processed about $247 billion in payments in Q3 of 2000, a 36% increase from 2019. It’s announcement of crypto support also boasted it’s addition of over 15.1 million new customers.
PayPal CEO Believes In CBDC’s
Dan Schulman, CEO of PayPal said that Central Bank Digital Currencies (CBDC) are inevitable and that it is a matter of “when” and not “if”.
“CBDCs…are a matter of when and how they’re done, not if.” He said.
He also said that PayPal is ready and is able to help shape the utility of those currencies due to how large the platform is. The payment platform hopes to process close to $1 trillion in transactions Q4 of this year and the addition of cryptocurrency support is seen and aimed at doing just that.
While some are happy over the involvement of PayPal with the crypto space or blockchain technology, others are skeptical of it and are warning users of the centralized nature of PayPal. Users will not control the keys to their wallet, as with many other centralized cryptocurrency exchanges. There might also be other danger like freezing of funds in some cases as individuals have clearly stated this happened at some point in time during their use of PayPal.
