Cryptocurrency exchange Coinbase now allows its U.S. customers to buy cryptocurrencies with Paypal. Millions of customers can now purchase up to $25,000 a day of cryptocurrencies with their Paypal accounts.
Coinbase announced on Thursday that Paypal has been added as a funding source for buying cryptocurrencies at the exchange. The Nasdaq-listed company wrote:
We are now offering millions of customers in the US a simple and speedy way to buy crypto on Coinbase using your debit cards and bank accounts linked to Paypal.
Coinbase explained, “If you have an existing Paypal account, you’ll be able to start making transactions on Coinbase right away,” adding that “there’s no need to add bank accounts or card numbers directly to Coinbase.”
However, the company noted that “echecks and Paypal-linked credit cards cannot be used to purchase crypto with Coinbase.”
To use Paypal on Coinbase, users will select Paypal as a payment method when buying cryptocurrencies. They will then be taken to a Paypal login screen. Coinbase explained:
You can make a purchase up to $25,000 a day with your Paypal account.
Besides allowing Paypal as a funding source, “customers in the U.S. can buy crypto with a connected bank account via ACH or wire transfer, a debit card, [or] funds in their Coinbase USD wallet.”
Coinbase added: “In the coming months, we’ll expand the ability to purchase crypto using funds from Paypal to more countries. Cash withdrawals to Paypal are already available in the US, Canada, EU and UK.”
Paypal itself also offers the buying, selling, and holding of select cryptocurrencies. In addition, the company launched a “checkout with crypto” service allowing users to spend their coins at millions of merchants. However, unlike with Coinbase, Paypal’s terms of service state that “You will not be able to transfer crypto assets from your cryptocurrencies hub to another cryptocurrency wallet.” Recently, the company also rolled out a crypto service on the Venmo app.