Pay Pal announced today that it is removing the waiting list to buy, hold and sell cryptocurrency in the United States. With this move, all customers in the United States will be able to purchase cryptocurrency directly from their PayPal accounts. U.S. customers will also be alerted to the new feature via email and push notification in the coming days, the company says.
The feature was already partially available in the United States before today, but PayPal had onboarded interested customers through a waitlist. With the update, users will no longer have to wait for a spot to open.
Additionally, PayPal says that due to initial customer demand, it is increasing its weekly cryptocurrency purchase limit from $ 10,000 per week to $ 20,000 per week.
In October, PayPal first announced plans to enter the cryptocurrency market through a partnership with cryptocurrency firm Paxos. This partner is helping to power the new service for PayPal, allowing its customers to buy, sell and hold a range of cryptocurrencies – initially including Bitcoin, Ethereum, Bitcoin Cash and Litecoin.
By next year, PayPal plans to allow users to make PayPal purchases with cryptocurrencies as well, the company said.
In terms of exchange rate, PayPal will charge $ 0.50 on transactions up to $ 24.99, 2.3% on transactions from $ 25 to $ 100; 2% on transactions from $ 100.01 to $ 200 USD; $ 1.8 on transactions of $ 200.01 to US $ 1,000; and 1.5% on transactions over US $ 1,000.
PayPal notes that there is no charge for holding crypto in your account. And, to begin with, PayPal waives the fees until 2021.
The company somewhat quietly leaked the news today via an update to last month’s press release. It states that users can download the PayPal app or log into their PayPal account to learn more.