Victor Ugochukwu · Dec 14, 2020 . 5min read
PayPal launches crypto services in the United States
PayPal has launched crypto services for all its U.S. consumers. The customers can buy and sell digital assets through its payment network.
By Komal Joshi · Nov 13, 2020 . 5min read
PayPal’s crypto services are conventionally open for U.S. customers. The U.S. PayPal users can now purchase, sell, and hold cryptocurrency assets securely through the payments network. PayPal has concluded its waitlist for cryptocurrency services. It now formally enables eligible consumers to purchase and sell Bitcoin and other virtual coins utilizing their online wallets.
For the uninformed, PayPal has been providing services partially in the U.S. via onboarding interested consumers via a waitlist. Moreover, with the latest announcement, users will no longer have to wait for the waitlist to reveal that a spot is empty. PayPal displayed its plans to venture into crypto markets when it announced its partnership with crypto company Paxos, in October.
PayPal crypto services are available in the U.S., excluding Hawaii.
The PayPal crypto services will be accessible in all states, excluding Hawaii. The financial service provider will emphasize Bitcoin, Ethereum, Bitcoin Cash, and Litecoin, which can all be collected on the application’s digital wallet. Moreover, the extension of other cryptocurrencies is still to be declared. However, owing to high demand, PayPal has also determined to extend its weekly cryptocurrency investment limit to $20K, so that users can presently trade up to that amount.
Talking about exchange rates, PayPal will impose USD 0.50 on transactions up to USD 24.99, 2.3% on transactions from $25 to USD 100. However, it will impose 2% on transactions from $100.01 to $200 USD; $1.8% on transactions of $200.01 to $1,000 USD; and 1.5% on transactions over $1,000 USD. Additionally, it states that there are no fees for securing crypto in your account. Moreover, it is suspending fees until 2021.
Recently, PayPal is operating to allow crypto payments to over 26 million merchants globally. Moreover, it intends to provide crypto services to all of its clients commencing from 2021. Furthermore, customers will be capable of instantly converting their chosen cryptocurrency to fiat currency, with the certainty of value and no incremental fees.
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