Coinbase enables crypto purchases with PayPal for US users
Coinbase customers in the US can now instantly buy up to $25,000 worth of crypto per day with their PayPal account
Coinbase announced yesterday that customers in the US can now buy crypto with PayPal. This will provide users with a quick, easy, and familiar way to make their, making the cryptoeconomy more accessible for ordinary people.
Coinbase is one of the largest and most popular cryptocurrency exchanges with approximately 56 million verified users and a quarterly trade volume of $335 billion. The exchange made headlines earlier this month when it went public and is now trading on the NASDAQ under the ticker COIN.
Customers at Coinbase can already buy crypto with a connected bank account through ACH or wire transfer, but this process can be slow and cumbersome. Now cryptocurrency purchases can be instantly funded using debit cards and bank accounts linked to PayPal.
Card numbers and bank accounts don’t need to be added to Coinbase directly as PayPal will manage those details securely. Customers will simply click “Add a payment method” when purchasing coins and select PayPal. They will then be taken to the login screen for PayPal to complete the transaction. Coinbase already supports cash withdrawals to PayPal which are available in the US, the UK, Canada and the EU.
PayPal entered the cryptocurrency market in October 2020 when it began enabling users to buy, sell and store Bitcoin, Ethereum, Litecoin and Bitcoin Cash. PayPal built on this at the end of March when it announced the launch of its crypto checkout service. This could drive crypto adoption as it will make cryptocurrency purchases available at all of PayPal’s 29 million merchants worldwide.
Since then, the PayPal-owned mobile payment service Venmo has also added support for the same four coins, enabling its more than 70 million users to join the world of cryptocurrencies for as little as $1.
Coinbase customers in the US will now be able to buy up to $25,000 worth of crypto per day with their PayPal account for a fee of 3.99% and there are plans to expand this payment option to more countries in the coming months.