PayPal’s crypto trading live in the US. The firm’s crypto trading and payments went live for all eligible customers in the United States on Thursday.
PayPal ended its waitlist, as announced, for clients seeking to use cryptocurrencies in the U.S. Trading has a $20,000 per week limit, which is twice the $10,000 originally reported. Ultimately, the company plans to make crypto payments globally available to 26 million merchants.
The firm will notify U.S. customers about the general availability of crypto services in the coming days. Dan Schulman, CEO of PayPal, noted that the shift to supporting crypto was driven by what he sees as an “inevitable” drift toward virtual currencies “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of financial inclusion and access; efficiency, speed and resilience of the payments system; and the ability for governments to disburse funds to citizens quickly.”
As part of its crypto services, PayPal received the first conditional Bitlicense from the New York Department of Financial Services, one of the most hawkish sub-national financial regulators in the U.S. Many noted that the terms of PayPal’s crypto services would entail that coins bought on the platform would not be able to leave, likely as part of its compromise with regulators in bringing crypto services to such a wide user base.