Coinbase now allows US users to buy crypto with PayPal

Nasdaq-listed crypto exchange Coinbase now allows customers in the U.S. to buy cryptocurrencies using PayPal.

The development means debit cards and bank accounts linked to PayPal can now be used to buy crypto on Coinbase. PayPal-linked credit cards and e-checks cannot be used, said Coinbase.

Until now, customers in the U.S. could buy crypto with a connected bank account via ACH or wire transfer, a debit card, and funds in their Coinbase USD wallet.

The addition of PayPal in payment methods makes crypto purchasing faster and simpler, said Coinbase, adding that users can "instantly" fund crypto purchases with PayPal.

The limit to purchase crypto through PayPal is up to $25,000 a day, and Coinbase charges 3.99% fees. Depositing USD from PayPal into Coinbase costs 2.5% fees.

While the option is currently only available for U.S. users, Coinbase said it would support more countries "in the coming months."

Coinbase already supports cash withdrawals to PayPal in the U.S., Canada, EU, and the U.K.

About Author

Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.