An announcement from the exchange disclosed that it would be allowing its customers based in the U.S. to buy crypto using debit cards and bank accounts linked to their PayPal wallet accounts.
Coinbase said the move would let many users bypass automated clearing house and wire transfers — methods the exchange still offers — to fund crypto purchases.
The integration will reportedly allow Coinbase users with linked PayPal accounts to “buy crypto instantly” without adding bank account information or credit card numbers directly from the exchange. The daily limit to purchase crypto is $25,000 using payment methods from PayPal.
As per the Coinbase, the new feature is currently only available to U.S. users and it will be available in more countries in the coming months. As of the first quarter of 2021, Coinbase reported it had 6.1 million monthly active users, while PayPal recorded 377 million total users in 2020.
Both Coinbase and PayPal have made significant expansion into the crypto space in the last year, with the crypto exchange going public through a direct listing on Nasdaq earlier this month. In November, PayPal launched crypto services for its U.S. users, allowing them to trade up to $20,000 a week. The platform has continued to expand its crypto services following this offering, announcing in March its plans to allow U.S. customers pay in crypto at PayPal’s global merchants.