Coinbase users with PayPal accounts will be capable of buying crypto via the exchange. In a statement from Coinbase, the crypto exchange said it would be enabling its consumers based in the U.S. to purchase crypto employing debit cards and bank accounts associated with their PayPal accounts. Coinbase advocated that the move would grant various users to bypass automated clearing house and wire transfers. These are the methods the exchange still provides to fund crypto purchases. Moreover, functioning with payments ecosystems, PayPal has developed knowledge and executed proper tools to assure transparency, performance, and security in all services.
Until now, consumers in the U.S. could purchase crypto with a connected bank account via ACH or wire transfer, a debit card, and funds in their Coinbase USD wallet. To employ PayPal on Coinbase, users will select PayPal as a payment option when purchasing cryptocurrencies. After choosing the payment option, the users will be transferred to a PayPal login screen. The addition of PayPal in payment methods makes crypto buying faster and more straightforward, stated Coinbase, continuing that users can “instantly” fund crypto buying with PayPal. The limit to purchase crypto through PayPal is up to $25,000 a day, and Coinbase charges 3.99% fees.
Coinbase Crypto Purchasing Feature accessible to the U.S. Users
As per Coinbase, the new funding characteristic is recently only accessible to U.S. users. Nevertheless, the exchange admitted that it would be expanding to more nations in the upcoming months. Additionally, 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. Coinbase already supports cash withdrawals to PayPal in Canada, U.S., the EU, and the U.K.
Furthermore, both Coinbase and PayPal have made major inroads into the crypto space in the last year, with the cryptocurrency exchange going public via a direct listing on Nasdaq earlier this month. In November, PayPal introduced crypto services for its U.S. users, enabling them to trade up to $20,000 a week. The platform has proceeded to expand its crypto services after this offering, declaring in March its plans to provide U.S. customers to pay in crypto at PayPal’s global merchants.
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