Coinbase offers customers another way to purchase crypto using PayPal

Coinbase is now offering another way to its users with PayPal accounts to purchase crypto from the exchange.

Coinbase offers customers another way to purchase crypto using PayPal

The largest American crypto exchange announced it would be allowing its customers based in the U.S. to buy crypto using debit cards and bank accounts linked to their PayPal accounts. The exchange said that the move would allow many users to bypass automated clearing ‘house and wire transfers’ to fund crypto purchases. The integration will allow Coinbase users to “buy crypto instantly” without adding bank account information or credit card numbers directly from their linked PayPal account. Users will be allowed to purchase up to $25,000 in crypto daily while using payment methods from PayPal.

According to Coinbase, this new feature is currently available only to U.S. users, however, it would be available in more countries “in the coming months.” 

Both Coinbase and PayPal have made significant expansion into the crypto space in the last year, as the Coinbase went public through a direct listing on Nasdaq earlier this month. PayPal, meanwhile, launched crypto services for its U.S. users, allowing them to trade up to $20,000 a week in November, 2020.

As of the Q1 2021, Coinbase reported it had 6.1 million monthly active users, while PayPal recorded 377 million total users in 2020.