PayPal and Coinbase partnership to bring seamless crypto buying
Funding your crypto can sometimes take time and effort. Just announced today, PayPal users in the United States can now use their accounts to buy on Coinbase and purchase up to $25,000 worth of cryptocurrencies per day. The integrated feature will enable Coinbase users with PayPal accounts to “instantly” purchase crypto without adding their bank or credit card details directly to the exchange. For the PayPal transactions linked to Coinbase, actual conversion fees equate to 3.99 percent.
As the Product Manager of Coinbase Eddie Lo mentioned, “Coinbase customers in the US can buy crypto with a connected bank account via ACH or Wire transfer, a debit card, funds in their Coinbase USD wallet, in addition to now using funds from a connected PayPal account,”. He also added that in the coming months, the company is widening its scope to more countries to have the feature of purchasing crypto using funds from their PayPal accounts.
Based on the current reports, Coinbase has 6.1 million monthly active users as of this year and PayPal has 377 million registered customers in 2020. In the last twelve months, both companies have made substantial moves into the crypto economy.
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