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PayPal launches cryptocurrency sweepstakes program with Bitcoin prizes in the US
PayPal has just announced a new initiative to encourage US users to participate in the cryptocurrency market. From now until December 21, customers can enter a sweepstakes with exciting Bitcoin prizes.
Participation Mechanism and Rules
Each cryptocurrency transaction on the PayPal platform will give users a chance to win, with up to 10 entries accumulated weekly. Notably, transactions using PYUSD will not be counted towards this program.
Prize Structure
PayPal will hold weekly draws until December 21, with a total of 168 Bitcoin prizes distributed as follows: one grand prize, five medium-tier prizes, and 162 smaller prizes for other participants.
Important Conditions
Winners must confirm their results within five business days to claim their prizes. Additionally, all winners will be responsible for reporting any tax obligations related to the received rewards.
Supported Cryptocurrencies
PayPal’s platform currently supports transactions with six major cryptocurrencies, including Bitcoin, Ethereum (Ether), and Litecoin. The purpose of this sweepstakes program is to promote broader adoption of digital assets within the user community.
Current Scope and Future Plans
PayPal’s cryptocurrency service is currently available in select countries. The company has announced plans to expand this service to more markets in the upcoming phases.