PayPal is clearly moving as quickly as it can. Just a few weeks ago, the company announced that it was changing its platform so that users could potentially purchase cryptocurrencies such as bitcoin and Ethereum. In addition, customers could also pay for items and services utilizing digital assets.
PayPal Removes All Recent Restrictions
Well today, it looks like all of PayPal’s cryptocurrency services are being made available to all customers in the United States, suggesting that the company is not willing to step back at all and is trying to get things in order as fast as possible. Just last week, only ten percent of its clientele could potentially access the company’s crypto services. Now, they are available to 100 percent of its US-based customers.
In addition, individuals can now purchase as much as $20,000 in crypto assets each day. Prior, the limit was $10,000, suggesting that PayPal has doubled this figure in a relatively short period. They company has also stated that its international clients and Venmo users will also gain access to its many crypto services during the latter half of 2021.
It’s odd to see PayPal working so hard to establish itself as a crypto-based platform. Aside from allowing people to purchase crypto and use it as a method of payment, the firm has also tied itself to Paxos Trust so that it can operate in the Big Apple. All New York-based cryptocurrency firms are required to garner certain licenses so that they can offer their services to customers in the city.
Working with Paxos Trust, PayPal has gotten its fingers on a conditional BitLicense. Furthermore, the company has also stated that it is potentially looking to purchase cryptocurrency custody firms such as Bit Go, which would make it far more powerful and fully establish it as a leading digital assets enterprise. While no sales have been set in stone just yet, offers are allegedly being looked at.
Why Is Crypto Suddenly So Important?
One potential reason for PayPal’s rebranding of itself is because crypto has become one of the most solid asset classes in 2020. Following the rise of the coronavirus pandemic in mid-March, the financial space has been up and down, and many investors see the US dollar and other fiat currencies are relatively weak by comparison given that they have been subject to inflation and other harsh economic conditions affecting their stability and prices.
Bitcoin and crypto are now seen as potential tools that can hedge one’s wealth and keep portfolios safe during times of financial strife. Thus, it can be argued that PayPal is ready and willing to be in the middle of all that and rake in the profits of what will no doubt be a huge attractor factor for many new clients in the US and abroad.