U.S.-based cryptocurrency exchange Coinbase, which recently went public, is now offering a new payment option to millions of its customers in the U.S. These users can now buy cryptocurrencies such as bitcoin, on Coinbase in a simple and speedy way using their debit cards and bank accounts linked to PayPal.
The move by Coinbase will allow customers with PayPal accounts to buy cryptos instantly and more seamlessly without having to add bank account information or credit card numbers directly to the exchange. The customer can make a purchase of up to $25,000 a day with their PayPal account.
“Working with the payments ecosystem, PayPal has built up the knowledge and implemented the proper tools in order to assure transparency, performance and security in all services,” Coinbase noted.
Customers in the US can buy crypto with a connected bank account via Automated Clearing House (ACH) or Wire transfer, a debit card, funds in their Coinbase US Dollar wallet, in addition to now using funds from a connected PayPal account.
However, eChecks and PayPal-linked credit cards cannot be used to purchase crypto with Coinbase.
Though the new payment option is only available initially only to customers in the U.S., Coinbase said it will expand the ability to purchase crypto using funds from PayPal to more countries in the coming months. Cash withdrawals to PayPal are already available in the US, Canada, EU and UK, it added.
In November last year, PayPal launched a new service that allows customers in the U.S. to buy, hold and sell cryptocurrency directly from their PayPal account. This was part of payments firm’s plans to significantly increase cryptocurrency’s utility by making it available as a funding source for purchases at its 26 million merchants worldwide.
In mid-April, Coinbase became the first cryptocurrency exchange in the U.S. to become a publicly-traded company, listing its Class A common stock on the Nasdaq under the ticker symbol COIN.
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