Cryptocurrency exchange Coinbase now allows its US customers to purchase cryptocurrencies through Paypal. Millions of customers can now use their Paypal accounts to buy up to $25,000 in cryptocurrency per day.
Coinbase adds Paypal as a source of funds for users
Coinbase announced on Thursday that Paypal has been added as a source of funds to purchase cryptocurrencies on exchanges. The company listed on NASDAQ wrote:
We now provide millions of customers in the United States with an easy and fast way to buy cryptocurrency on Coinbase using a debit card and bank account linked to Paypal.
Coinbase explained: “If you already have a Paypal account, you can start trading on Coinbase immediately,” adding: “There is no need to add a bank account or card number directly to Coinbase.”
However, the company pointed out that “credit cards associated with echeck and Paypal cannot be used to purchase cryptocurrency through Coinbase.”
To use Paypal on Coinbase, users will choose Paypal as the payment method when purchasing cryptocurrencies. Then they will be taken to the Paypal login screen. Coinbase explained:
You can use your Paypal account to purchase up to $25,000 per day.
In addition to allowing Paypal as a source of funds, “U.S. customers can purchase cryptocurrency through ACH or wire transfer, debit card, and linked bank account. [or] Deposit funds in their Coinbase USD wallet. “
Coinbase added: “In the next few months, we will use Paypal funds to expand the ability to purchase cryptocurrencies to more countries/regions. In the United States, Canada, the European Union and the United Kingdom, it is already possible to withdraw cash from Paypal.”
PayPal itself also provides services for buying, selling and holding selected cryptocurrencies. In addition, the company also launched a “checkout with cryptocurrency” service, allowing users to spend their coins on millions of merchants. However, unlike Coinbase, Paypal’s terms of service state: “You will not be able to transfer encrypted assets from your cryptocurrency center to another cryptocurrency wallet.” Recently, the company also launched an encryption service on the Venmo app.
What do you think about Coinbase allowing users to buy cryptocurrency using Paypal? Let us know in the comments section below.
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