Cryptocurrency exchange Coinbase now provides its U.S. customers to purchase cryptocurrencies with Paypal. Millions of clients can now buy up to $25,000 a day of cryptocurrencies with their Paypal accounts.
Coinbase Adds Paypal Crypto Funding Source for Users
Coinbase announced Thursday that Paypal had been included as a funding source for purchasing cryptocurrencies at the exchange. The Nasdaq-listed company communicated:
We are now offering millions of customers in the U.S. a speedy and straightforward way to buy crypto on Coinbase using your debit cards and bank accounts linked to Paypal.
Coinbase emphasized, “If you have an existing Paypal account, you’ll be able to start making transactions on Coinbase right away,” continuing that “there’s no need to add bank accounts or card numbers directly to Coinbase.”
Still, the firm remarked 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. The app will then take them to a Paypal login screen. Coinbase explained:
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.”
“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 U.K.”
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.
Yet, 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.”
Lately, the company also rolled out a crypto service on the Venmo app.
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