The feature was already partially available in the U.S. before today, but PayPal had been onboarding interested customers via a waitlist. With the update, users will no longer have to wait for a spot to open. In addition, PayPal says that due to initial demand from its customers, it’s increasing its weekly cryptocurrency purchase limit from $10,000 per week to $20,000 per week.
By next year, PayPal plans to allow users to make PayPal purchases with cryptocurrencies as well, the company has said. In terms of exchange rates, PayPal will charge $0.50 USD on transactions up to $24.99 USD, 2.3% on transactions from $25 to $100 USD; 2% on transactions from $100.01 to $200 USD; $1.8% on transactions of $200.01 to $1,000 USD; and 1.5% on transactions over $1,000 USD. PayPal notes there are no fees for holding crypto in your account. And, to get things started, PayPal is waiving fees until 2021.