The expansion marks a fivefold increase to the service’s crypto purchasing limit in less than a year. PayPal says it’s also adding to its in-app guides and educational materials on cryptocurrency to help dispel myths around virtual currencies. In January, PayPal made an investment in US-based tech startup Taxbit, which helps consumers and businesses calculate the taxes owed on cryptocurrency holdings.
The payments company has made it clear that its crypto push is about driving engagement. Speaking at JP Morgan’s annual tech conference in May, PayPal CFO John Rainey said that people who have purchased crypto use the app twice as much as others. A large part of that is people checking the prices of their holdings. Rainey added that 50 percent of crypto holders use the app daily.
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