Coinbase, one of the crypto industry's oldest start-ups who recently listed its shares on the Nasdaq, announced on Thursday that it had introduced a new PayPal feature that allows U.S. users to buy cryptocurrency with their PayPal accounts.
PayPal who has been an adversary of crypto, have eased their stands on this asset. The company now allows users to buy crypto on its platform and has gradually scaled up this service.
Recent developments in PayPal is an indication of crypto's increasing mainstream acceptance. The new PayPal feature on Coinbase will allow users to buy up to $25,000 in crypto daily using PayPal, and users will be charged a PayPal-specific fee close to 4% of the purchases.
"The fees cover the costs of payment processing," Coinbase project manager Eddie Lo, through a spokesperson.
According to coin desk, The PayPal integration is the third big-spender option alongside bank buys via automated clearing house (ACH), also capped at $25,000 daily, and wire transfers, which have no cap.
Coinbase has provided U.S. customers with PayPal sell functions since 2016 and withdrawal capabilities since late 2018. In 2019, it expanded the option to much of Europe. Currently, cash withdrawals are live in the U.S., U.K., European Union and Canada.
Coinbase also plans to expand the PayPal buying feature to "more countries" in the months ahead.