Seeking Alpha
2020-11-03 15:41:13

PayPal lifts crypto buying limits after seeing 'eager' interest

Satiated PayPal ([[PYPL]] -2.8%) bulls are taking a bit of breather today after the company last night said it expected a modest slowdown in earnings growth in Q4.Crytpo fans, however, are finding interest in conference call comments from CEO Dan Schulman (full transcript is here). "Our base is very eager for us to offer these capabilities," said Schulman, speaking off his company's recent offering of cryptocurrency purchases.Currently, just 10% of PayPal's customers have access to this new service, but that's expected to be expanded to everyone in the U.S. over the next couple of weeks. Interest is enough, says Schulman, that the company is raising its weekly crypto purchase limits to $15K from $10K. Management also says it will be rapidly expanding crypto offerings in 2021.Bitcoin (BTC-USD) today is up modestly and continuing near multi-year highs at $13,753. The Grayscale Bitcoin Trust ([[GBTC]] +1.4%).

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