Coinbase now lets US users to use PayPal to purchase cryptocurrencies

Coinbase stated in a statement today that it now allows US users to use PayPal accounts to purchase cryptocurrencies. According to reports, this integration will allow users with a PayPal account to “purchase encryption instantly” without adding bank account information or credit cards.

Users can purchase cryptocurrency with a daily limit of USD 25,000 through PayPal’s payment method. However, a 3.99% PayPal dedicated fee will be paid for this. Regarding this high fee standard, Coinbase project manager Eddie Lo said: “These fees cover the cost of payment processing.”

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According to Coinbase, this new financing feature is currently only available to US users. However, the exchange stated that it plans to expand PayPal’s purchasing capabilities to “more countries” in the next few months.

Both Coinbase and PayPal made significant progress in the encryption sector last year, and Coinbase was listed directly on the Nasdaq earlier this month. In November last year, PayPal launched an encryption service for its US users; and in March announced plans to allow US customers to make encrypted payments at PayPal’s global merchants.