U.S. cryptocurrency exchange Coinbase Global, Inc (NASDAQ:COIN) will now allow its users to buy crypto assets through PayPal Holdings, Inc (NASDAQ:PYPL).
What Happened: Coinbase announced Thursday its U.S. customers will be able to instantly buy crypto assets on the platform by using debit cards and bank accounts linked to their PayPal accounts. The company plans to also roll out this feature to more countries in the future.
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The move constitutes a step forward in making buying crypto easier and faster than with wire transfers and other traditional methods, according to Coinbase.
"Funding crypto purchases through PayPal offers a familiar and trusted experience as you explore the world of crypto," the company said in a statement.
"We’re now one step further in bringing everyone easy and secure access to the cryptoeconomy."
The addition of PayPal support also means that United States customers will not need to add their bank accounts or card numbers directly to Coinbase, therefore sharing this sensitive data with fewer parties and improving security.
This payment method is limited to buying $25,000 in crypto assets per day.
PayPal is not completely foreign to Coinbase, considering that it was already a supported withdrawal method in the U.S., Canada, EU and U.K.
The payment processing giant is also not new to cryptocurrencies in general. It started allowing its users to buy Bitcoin (CRYPTO: BTC) in October and processing crypto payments at the end of March.
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