May 21, 2024

US PayPal Users Can Buy Cryptocurrencies Through Coinbase

Users of the largest American cryptocurrency exchange Coinbase who have a PayPal account will now behaveaccess to another way to buy cryptocurrency.

In its statement on the official website of the exchangesaid that it will allow US customers to buy cryptocurrency using debit cards and bank accounts linked to their PayPal accounts. Coinbase believes the move will give many users the option to dispense with clearing payments and bank transfers to buy cryptocurrencies.

Thanks to the Coinbase integration, usersPayPal accounts will be able to buy cryptocurrencies instantly without entering bank account information or credit card numbers directly on the exchange. PayPal customers will be able to buy up to $ 25,000 worth of cryptocurrencies daily.

The new feature is currently only available to AmericanCoinbase users. However, the exchange said several more countries will be able to use PayPal to buy crypto in the coming months. As of the first quarter of 2021, Coinbase boasted 6.1 million monthly active users. PayPal swears there were 377 million registered users in 2020.

As of March 30, PayPal customers in the United States canuse cryptocurrency to pay for purchases. Users who hold bitcoins, Ethereum, Bitcoin Cash and Litecoin on their wallets have the opportunity to convert them into fiat currencies at the time of purchase. This move, announced last year, was one of the factors that helped kick-start Bitcoin's growth.

And in mid-April, the Nasdaq exchange launchedCoinbase stock trading. Analysts believe Coinbase's Nasdaq listing is a watershed moment for the cryptocurrency market as it will attract traditional investors to it.