PayPal has increased weekly crypto purchase limits from $10,000 to $15,000, plans to support CBDC

PayPal CEO Dan Shulman announced that PayPal will increase its weekly crypto purchase limit from $10,000 to $15,000, including plans to support central bank digital currencies (CBDC) during the firm’s Q3 2020 earnings call on Monday.

PayPal CEO Dan Shulman

Highlighting PayPal’s work with regulators on the digital currency front, Schulman noted: “This is just the beginning of the opportunities we see as we work hand-in-hand with regulators to accept new forms of digital currencies.”

Citing discussions with central banks, regulators, and crypto industry leaders, Shulman asserted: “There is no question that cryptocurrencies are going to be rising in importance, having increasing functionality, and increasing prominence.”

“CBDCs are a matter of when and how they’re done, and not if.”

During the call, Schulman remarked that “our base is very eager for us to offer these capabilities” and said that crypto functionality has been extended to “10% of our base.” He added that waiting list demand was “two or three times what our expectations were.”

As AZCoin News reported last month, PayPal announced it would roll-out services allowing customers to purchase, sell, and hold crypto assets.

PayPal reported an increase of 36% in new payments volume to $247 billion in Q3 2020. The company’s number of merchants grew by 1.5 million to 28 million. PayPal now has 361 million active accounts, a 22% increase quarter-over-quarter.

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