Coinbase’s US customers can now buy crypto on the exchange via debit cards and bank accounts linked to PayPal, per an announcement made today.
“Buying crypto should be simple and easy. However, moving money in the traditional world of finance can be anything but,” the press release said, adding, “We know you are expecting faster and more seamless ways to make crypto purchases.”
How does the new system work?
Coinbase, which just went public through a direct listing on April 14, is known for its mobile trading app which makes it comparatively easy to buy and sell various cryptocurrencies. Now, with this latest integration, its US customers with an existing PayPal account can start making transactions immediately.
What’s more, there is no requirement for these customers to provide Coinbase with bank account information. “You can continue using PayPal to securely manage your information,” the press release added.
Once a user chooses the relevant cryptocurrency they want to purchase, they would need to tap on the “add payment option” within the Coinbase app and select PayPal. After the user logs in to PayPal, they can add a debit card or bank account linked to their PayPal account.
At that point, the user will be able to make a purchase of up to $25,000 every day using their PayPal account.
What’s next for Coinbase and PayPal
In the coming months, Coinbase expects to expand this service out to other regions in the world. This could include Canada, the EU, and the UK.
PayPal CEO Dan Schulman told Decrypt in March that PayPal has a big opportunity to help create a next generation infrastructure—one of the major reasons why the payments giant has entered the crypto industry.
News Source from Decrypt.co