Paypal has been moving in leaps and bounds since the last few weeks, which has prompted the firm to announce that the latest crypto feature is now available to all U.S. customers.
This latest announcement is coming off the back of its recent announcement that it was switching to a better platform so users could access its crypto feature. Furthermore, in addition to offering crypto services, the digital payments platform has also announced that users on the app will be able to pay for goods and services using the digital assets feature in its app.
Venmo and International clients will be able to access the services by next year
In what could be described as the latest twist, it looks like the digital payments platform is ready to launch its crypto platforms across all states in the United States of America. This latest move shows that PayPal is ready to fast track the adoption of its platform and gets its services out there to users who are in dire need of it.
Before this announcement, the company said that the new crypto service could only be accessed by 10% of its total users but has now affirmed that the service is now available to all its customers based in the United States.
Additionally, the firm noted that the previous limit of crypto purchase of $10,000 has now been moved to $20,000 to enable customers on the platform to hold more digital assets. Experts have seen this move by PayPal to increase the purchase limit in the field as a call to users to use the opportunity to sign up on the platform.
Furthermore, PayPal also assured its Venmo and international users that the new feature would be accessible to them in the early part of next year. Surprisingly, PayPal has been moving heaven and earth to launch its crypto services in the U.S. before the new year.
PayPal wants to make profits using the crypto markets
Another thing that PayPal has been able to do in such a short time, aside from allowing its users to purchase crypto on its app, is its partnership with Paxos Trust to operate in the Big Apple. The New York regulators have mandated all crypto offering platforms to get a license to run their operations in the city.
So its partnership with Paxos Trust technically means that the payments platform is now covered under the BitLicense that Paxos Trust has temporarily. Furthermore, PayPal said it is currently in talks and hopes to acquire BitGo, a move that will establish the company in the digital assets market.
While no news of an official bid from PayPal, the firm noted that they seriously considering that possibility before the year runs out. According to experts and analysts, the major reason why PayPal is offering crypto services is that digital assets have achieved a milestone this year.
Following the impact of the coronavirus pandemic on economies across the world, Bitcoin and all other digital assets have been seen as the perfect hedge to keep one’s financials intact in times like this. One can conclude that PayPal is just looking to leverage a potential beneficial market to make profits, especially with the vast pool of clients based in the united states.