As announced by Coinbase earlier today, the major crypto exchange is now set to allow its US-based users to purchase cryptocurrencies using debit cards and bank accounts associated with their respective PayPal accounts. Coinbase then noted that the particular development is to streamline crypto buying by bypassing some of its traditional methods, such as programmed clearinghouse and wire transfers.
Coinbase customers may now buy as high as $25,000 worth of crypto daily using only their PayPal accounts. That being said, a 4% fee would be deducted by PayPal every time the user finalizes a transaction. Eddie Lo, project manager of Coinbase, states that the 4% PayPal-specific fee is to cover the underlying costs of the transaction’s complex payment processing procedure. Notably, the particular expense is comparably as expensive as debit card purchases – albeit with a much higher purchase limit.
The exchange then clarified that the brand new funding option is only exclusive to US users in the meantime. That being said, Coinbase also noted that it plans to expand the offering feature to more countries down the line.
Clearly, this is yet another piece of evidence of the crypto space’s rapidly increasing acceptance into the mainstream. Nevertheless, Coinbase’s wide-ranging crypto enthusiasts would surely be ecstatic with the newly-added feature.