PayPal is upping the amount of cryptocurrency users can purchase by five times.To get more paypal news, you can visit shine news official website.

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.

PayPal has raised cryptocurrency limits for its U.S. customers to $100,000 per week without an annual purchase limit, the company said Thursday.

The San Jose, Calif.-based payment services company said on its website the change would “enable our customers to have more choice and flexibility in purchasing cryptocurrency on our platform.”

The company also said it would continue to update its in-app guides and educational materials on digital currencies, including addressing commonly asked questions.