Coinbase users with PayPal accounts will now have another way to purchase crypto through the exchange.
In an announcement from Coinbase today, the crypto exchange said 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. Coinbase said the move would let many users bypass automated clearing house and wire transfers — methods the exchange still offers — to fund crypto purchases.
The integration will reportedly allow Coinbase users with PayPal accounts to “buy crypto instantly” 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 daily using payment methods from PayPal.
According to Coinbase, the new funding feature is currently only available to U.S. users. However, the exchange said it would be expanding to more countries “in the coming months.” As of the first quarter of 2021, Coinbase reported it had 6.1 million monthly active users, while PayPal recorded 377 million total users in 2020.
Both Coinbase and PayPal have made significant inroads into the crypto space in the last year, with the crypto exchange going public through a direct listing on Nasdaq earlier this month. In November, PayPal launched crypto services for its U.S. users, allowing them to trade up to $20,000 a week. The platform has continued to expand its crypto services following this offering, announcing in March its plans to allow U.S. customers pay in crypto at PayPal’s global merchants.
