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 Adds Paypal as Funding Source for Users
Coinbase announced Thursday that Paypal has been added as a funding source for buying cryptocurrencies at the exchange. The Nasdaq-listed company wrote:
Coinbase explained, â€œIf you have an existing Paypal account, youâ€™ll be able to start making transactions on Coinbase right away,â€ adding that â€œthereâ€™s no need to add bank accounts or card numbers directly to Coinbase.â€
However, the company noted that â€œechecks and Paypal-linked credit cards cannot be used to purchase crypto with Coinbase.â€
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:
Besides allowing Paypal as a funding source, â€œcustomers 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.â€
Coinbase added: â€œIn the coming months, weâ€™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.â€
Paypal itself also offers the buying, selling, and holding of select cryptocurrencies. In addition, the company launched a â€œcheckout with cryptoâ€ service allowing users to spend their coins at millions of merchants. However, unlike with Coinbase, Paypalâ€™s terms of service state that â€œYou will not be able to transfer crypto assets from your cryptocurrencies hub to another cryptocurrency wallet.â€ Recently, the company also rolled out a crypto service on the Venmo app.
What do you think about Coinbase allowing users to buy cryptocurrencies with Paypal? Let us know in the comments section below.
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