Coinbase users with PayPal accounts will now have another way to purchase crypto through the exchange.
In a Coinbase announcement today, the crypto exchange said it would allow its US-based customers to purchase crypto using debit cards and bank accounts linked to their accounts. PayPal. Coinbase said the move would allow many users to bypass the automated clearinghouse and wire transfers – methods the exchange still offers – to fund crypto purchases.
The integration would allow Coinbase users with PayPal accounts to “instantly buy cryptocurrency” without adding bank account information or credit card numbers directly to the exchange. Users will be able to purchase up to $ 25,000 in crypto per day using PayPal’s payment methods.
According to Coinbase, the new funding feature is currently only available to US users. However, the exchange said it would expand to more countries “in the coming months.” In the first quarter of 2021, Coinbase reported that it had 6.1 million monthly active users, while PayPal had 377 million total users in 2020.
Coinbase and PayPal have made significant inroads into the crypto space over the past year, with the crypto exchange going public via direct listing on Nasdaq earlier this month. In November, PayPal launched crypto services for its US users, allowing them to trade up to $ 20,000 per week. The platform continued to expand its crypto services following the offering, announcing in March its intention to allow U.S. customers to pay in crypto at PayPal’s global merchants.