Through a new agreement with the payment platform PayPal, Coinbase will allow users to purchase cryptocurrency utilizing their bank accounts and debit cards that are connected to PayPal.
The new service will be offered only in the United States and users will be able to acquire up to $25,000 in digital currencies daily.
“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.”
How will the service work?
“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.”
In a blog post published on Thursday, Coinbase also declared that it’s in their plans to expand the service in other countries as well. This might be possible in the following months, while the exchange already allows cash withdrawals US, Canada, EU, and the UK.
Coinbase was founded in 2011 by Brian Armstrong. After partnering with Fred Ehrsam in 2012, the online platform where people could trade and store bitcoin was finally launched.
Just a few weeks ago, Coinbase went public and listed its shares in the US stock exchange.
PayPal is implementing services related to cryptocurrencies for quite some time now. In October 2020, the company allowed its US customers to trade digital assets like Bitcoin, Ethereum, Litecoin, and Bitcoin Cash on its platform.
PayPal introduced yet another feature regarding digital currencies earlier this month. The online payment company introduced Crypto on Venmo, which will allow users to purchase, hold and sell digital currencies with $1 worth of crypto. They will also have the opportunity to have access to videos, trends, and guides related to cryptocurrencies. This will significantly simplify their trading experience while also helping them answer some frequently asked questions.