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.

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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.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.