Less than a month after PayPal revealed that it would enable crypto support – on October 21 – the company is now delivering on what is more than just a promise.
In a previous statement delivered during the company's earnings call on November 2, CEO Dan Schulman revealed that 10% had been granted access to the service.
That percentage now covers all crypto holders with the company seeing overwhelming demand and responding quickly. Purchase limits for crypto assets are now set at $15,000, adjusting it from a previous limit set at $10,000.
According to Aaron Gould, a PayPal spokesperson the weekly purchase limit has been increased to $20,000 as of Thursday.
Meanwhile, the company remains on track to roll out an international launch for its crypto feature worldwide, with this happening in the first half of 2021.
The news that PayPal will endorse Bitcoin and crypto payments in general has had a positive effect on the value of Bitcoin, sending it up 32.54% since October 21. This trend is likely to keep true for a while longer.
In the meantime, crypto casinos stand to benefit big from PayPal's endorsement of crypto, as the e-wallet will now become a quick way to deposit and withdraw money without wasting time in conversions.
Flagship crypto casinos such as Bitcasino, FortuneJack, and 1xBit can be worthwhile places to visit and bank using PayPal, assuming the e-wallet is supported in your jurisdiction, and specifically the feature that enables crypto transactions.
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