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Users of the exchange will be able to buy up to $25,000 in cryptocurrency per day using PayPal.
Coinbase customers who have PayPal accounts will now be able to buy cryptocurrency through the exchange.
Coinbase announced today that its users in the United States would be able to purchase cryptocurrency using debit cards and bank accounts connected to their PayPal accounts. Coinbase stated that the reform would allow more consumers to avoid using automatic clearing houses and wire transfers, which the exchange also provides, to finance crypto transactions.
According to reports, the integration would allow Coinbase users with PayPal accounts to “buy crypto instantly” without having to enter bank account or credit card details directly into the exchange. Users would be willing to buy up to $25,000 of cryptocurrency every day using PayPal payment systems.
According to Coinbase, the new funding feature is currently only available to U.S. users. However, the exchange said it would be expanding to more countries “in the coming months.” 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 and PayPal have also made major inroads into the crypto sector in the last year, with the crypto exchange going public earlier this month via a direct listing on Nasdaq. PayPal released cryptocurrency services for its US customers in November, enabling them to exchange up to $20,000 a week. Following this offering, the company has continued to extend its crypto offerings, revealing in March plans to enable U.S. consumers to pay in cryptocurrency at PayPal’s global retailers.