PayPal has fulfilled its promise of a few weeks ago when it added support for crypto.
For now, this is only allowed in the USA; but any US citizen can now buy, sell or store digital coins.
The company also has plans for the future, such as allowing support for crypto purchases in 2021.
A few weeks ago, PayPal announced plans to add support for crypto currencies and offer users the ability to buy, sell and store crypto within its platform. Yesterday, November 12, the company delivered on that promise and announced that all US users are free to start using its crypto services.
PayPal brings support for four crypto services
According to PayPal, the company dropped the waiting list for the USA because it already offers the possibility to buy crypto directly from PayPal. Beyond that the US customers are made attentive in the coming days by Push notifications and enamels to the new function.
This will help to make Krypto known nationwide.
It should be noted that the function was already available in the USA before the announcement, even if only partially. PayPal actually started to bring on board those interested in using cryptography a bit earlier.
However, the company was able to act quickly after making its promise of incoming support for crypto, and no one has to wait for the new site to open.
So far, the company has experienced a massive demand from users. So much so that it decided to double the weekly crypto purchase limit. Originally $10,000 per week, the limit is now $20,000.
The cost of transactions
As PayPal announced in October, the company currently only offers access to a handful of coins, including Bitcoin, Ethereum, Bitcoin Cash and Litecoin. However, it is likely to expand this list over time, and it has already announced plans to allow users to make purchases with crypto from 2021.
In terms of fees, the company will charge $0.50 per transaction for transactions below $24.99. For transactions between $25 and $100, 2.3% per transaction will be charged, and the percentage will decrease as the amount of money increases.
Thus, those who make transactions between $100 and $200 pay a 2% fee, while those who make transactions between $200 and $1000 pay a 1.8% fee. Finally, those who go over $1000 pay a fee of 1.5%.
Holding crypto alone is not charged. To get things going, the company is waiving fees for the rest of this year as well.