Coinbase (NASDAQ:COIN), the largest crypto exchange in the U.S., announced on Thursday it is now allowing its customers to buy crypto on its platform using their debit cards and bank accounts linked to PayPal. The company revealed more details about the option by stating:
“Funding crypto purchases through PayPal offers a familiar and trusted experience as you explore the world of crypto. Working with the payments ecosystem, PayPal has built up the knowledge and implemented the proper tools in order to assure transparency, performance and security in all services. We’re now one step further in bringing everyone easy and secure access to the cryptoeconomy.”
Coinbase further explained that if users have an existing PayPal account, they will be able to start making transactions on Coinbase right away.
“Plus, there’s no need to add bank accounts or card numbers directly to Coinbase — you can continue using PayPal to securely manage your information.”
Customers in the U.S. may also buy crypto with a connected bank account through ACH or Wire transfer, a debit card, funds in their Coinbase USD wallet, in addition to now using funds from a connected PayPal account.
The PayPal option news comes just weeks after Coinbase became a public company in a direct listing on the Nasdaq. The company currently holds a market cap of over $55 billion. Coinbase also announced this week it has acquired skew, a UK-based data analytics firm in the digital asset sector. Terms of the deal were not revealed and the transaction is expected to close next month following typical closing conditions.