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Millions of Coinbase customers can now purchase cryptocurrency using Paypal.

Exchange of cryptocurrencies Customers in the United States can now use Paypal to purchase cryptocurrencies from Coinbase. Millions of customers can now buy cryptocurrencies with their Paypal accounts for up to $25,000 per day.

Coinbase now accepts PayPal as a form of payment.

Paypal has been introduced as a funding source for purchasing cryptocurrencies at Coinbase, the exchange reported on Thursday. The Nasdaq-listed firm stated:

We're now allowing millions of customers in the United States to purchase cryptocurrency on Coinbase using their debit cards or bank accounts connected to Paypal.

“If you already have a Paypal account, you can start making purchases on Coinbase right away,” Coinbase explained, adding that “no need to connect bank accounts or card numbers directly to Coinbase.”

Coinbase, on the other hand, notes that “echecks and Paypal-linked credit cards cannot be used to buy crypto with Coinbase.”

When purchasing cryptocurrencies on Coinbase, users must choose Paypal as a payment method. They'll be taken to a Paypal login page after that. According to Coinbase,

With your Paypal account, You can make a purchase up to $25,000 a day.

“Customers within the United States can buy crypto with a linked bank account via ACH or wire transfer, a debit card, [or] funds in their Coinbase USD wallet,” according to the company.

“We'll expand the opportunity to purchase bitcoin, ethereum, litecoin and other cryptocurrencies with Paypal funds to more countries in the coming months,” Coinbase said. Cash withdrawals to Paypal are now available in the United States, Canada, the European Union, and the United Kingdom.”

Paypal also allows you to purchase, sell, and keep a variety of cryptocurrencies. Furthermore, the company introduced a “checkout with crypto” programme that allows users to spend their coins at millions of merchants. Paypal's terms of service, unlike Coinbase's, note that "you will not be able to move crypto assets from your cryptocurrencies centre to another cryptocurrency wallet." The business has recently launched a crypto service on the Venmo app.

What are your thoughts on Coinbase's decision to allow PayPal users to buy cryptocurrencies? Please let us know what you think in the comments section below.