The PayPal application can be seen on a mobile phone.

Felix Kästle | picture alliance | Getty Images

PayPal is upping the amount of cryptocurrency users can purchase by five times.

PayPal’s users can now buy $100,000 worth of bitcoin and other digital assets per week, up from a previous limit of $20,000. The company is also scrapping its annual purchase limit of $50,000.

“These changes will enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform,” Jose Fernandez da Ponte, PayPal’s vice president and of blockchain, crypto and digital currencies said in a statement Thursday.

PayPal first started letting users buy cryptocurrencies in October 2020. It later added the capability to buy bitcoin, ether, litecoin and bitcoin cash on its mobile payment app, Venmo. The product has a $1 spending requirement and lets users share crypto purchases with friends through Venmo’s social feed.

At the time, the move was seen as a significant step to bringing digital assets to mainstream buyers and fueled bitcoin’s rally earlier this year. The world’s first and largest cryptocurrency has lost roughly half of its value since the all-time high above $60,000 in April. Bitcoin was trading near $31,000 as of Thursday afternoon, while PayPal shares closed more than 1.4% lower.

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