Major cryptocurrency exchange Coinbase now lets U.S. users invest in bitcoin and other cryptocurrencies using their PayPal accounts.
Coinbase, one of the largest cryptocurrency exchanges in the world, now allows U.S. users to withdraw or sell bitcoin and other cryptocurrencies via an integrated PayPal account.
“We are now offering millions of customers in the U.S. a simple and speedy way to buy crypto on Coinbase using your debit cards and bank accounts linked to PayPal,” according to a company announcement posted today. “If you have an existing PayPal account, you’ll be able to start making transactions on Coinbase right away. Plus, there’s no need to add bank accounts or card numbers directly to Coinbase — you can continue using PayPal to securely manage your information.”
Previously, Coinbase customers in the United States could only purchase bitcoin from the exchange using either ACH or wire transfer via a connected bank account to fund their Coinbase wallet. But with the addition of PayPal as a direct payment method, Coinbase hopes to significantly ease and speed up transactions.
However, a few restrictions have been put in place. For instance, PayPal-linked credit cards can’t be used, there’s a purchase limit of $25,000 per day for PayPal users and Coinbase will charge 3.99% fees for purchases made this way and charge 2.5% fees for deposits from PayPal into Coinbase.
Coinbase recently made cryptocurrency history with a major public listing debut. And PayPal recently announced that users can leverage bitcoin and other cryptocurrencies as payment methods to merchants using the platform.