PayPal has launched its digital currency service

PayPal has launched its long-anticipated digital currency buy, sell, and hold service.

“We are pleased to announce that all eligible PayPal account holders in the U.S. can now buy, hold and sell cryptocurrency directly with PayPal,” said PayPal in its official announcement, which was really just an update to an article they wrote on October 21st announcing its digital currency service offering.

Increasing the weekly limit

In addition to rolling out its new service, PayPal has once again increased the weekly purchasing limit. This time around, PayPal increased the weekly limit from $15,000 to $20,000, which might be a move the company made to accommodate rising prices of digital currency.

Stealth launch?

It’s a bit strange that PayPal launched its highly anticipated digital currency service without making an official announcement for it. Rumors of PayPal’s digital currency offering began circulating in late June. In October, PayPal decided to officially announce their digital currency service offering. 

But instead of giving this long-awaited service a press-release or even a blog post of its own, PayPal made the announcement by amending a previous blog post of theirs with an update saying that the service is now live.

There’s more in store

The launch of PayPal’s digital currency service is just the tip of the iceberg for what PayPal has in store. In 2021, PayPal says they will make their digital currency service available to Venmo users, and that they will let users spend the digital currency in their PayPal wallets at any of the 26 million merchants that allow customers to pay via PayPal at their point of sale terminal.

At the moment, PayPal’s digital currency service is only available to users located in the United States; participants are only able to buy, sell, and hold digital currency via PayPal, they can not deposit or withdrawal to an external wallet.

New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.