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By linking the PayPal accounts to the Coinbase wallets, users can seamlessly purchase crypto without having the need to add their bank accounts and card info.
On Thursday, April 29, crypto exchange Coinbase Global Inc (NASDAQ: COIN) announced its partnership with payments giant PayPal Holdings Inc (NASDAQ: PYPL) to speed up its crypto buying services. With the new facility, users can directly link their PayPal account with their Coinbase wallets.
Thus, users can now seamlessly make crypto purchases on Coinbase without having to deposit any money. In the official blog post, Coinbase said that funding crypto purchases through PayPal can bring a trusted experience for users. The crypto exchange giant also added:
“Buying crypto should be simple and easy. ACH and wire transfers can take time and effort, and we know you are expecting faster and more seamless ways to make crypto purchases. Now, you can instantly fund crypto purchases with PayPal in just a few taps.”
All Coinbase customers with existing PayPal accounts can make the transactions right away. There’s no need of adding any bank account number to Coinbase. Also, it is extremely easy for users to link their PayPal accounts and Coinbase accounts. By doing so users can make a purchase of up to $25,000 per day.
Apart from connecting the PayPal account, Coinbase’s US-based customers can buy crypto by connecting their bank accounts through ACH or Wire transfer, a debit card, etc. Although the facility to buy cryptocurrencies using PayPal is currently available only to US customers, Coinbase said it will bring this feature to more countries ahead this year.
Coinbase and PayPal Partnership: the Beginning of a New Era
The coming of the two giants together shows that the crypto industry is further moving the path of greater legitimacy. PayPal recently joined the crypto space last year in November 2020. Since then the payments giant has witnessed massive demand for its crypto services.
Also, PayPal is working aggressively to expand its crypto payments facility and utility across global merchants. Soon, the company will allow merchants to accept payments in cryptocurrencies.
On the other hand, Coinbase recently headed for a public listing ahead this month. This made it the first crypto company to make its way to Wall Street. Crypto exchange Coinbase has seen solid growth over the last year as more global investors and institutional players join the crypto bandwagon.
After a strong listing ahead this month, COIN shares have been under a bit of pressure. COIN stock price is currently trading at $294 i.e. 10% discount from its listing day price. The crypto exchange currently pegs a valuation of $58.7 billion.