Coinbase Acquires Data Analytics Platform Skew; Allows US Users to Buy Crypto Using PayPal
- Coinbase now allows its millions of users in the US to buy cryptos using PayPal.
The largest cryptocurrency exchange in the US, Coinbase now offers a simple and fast way to buy digital assets on the platform using your debit cards and bank accounts linked to the payments giant PayPal, which along with Venmo, also allows its users to buy crypto but only a limited number, so far.
ACH and wire transfers take time, but with an existing PayPal account, one can start making transactions on Coinbase right away. The user doesn't need to add bank accounts or card numbers directly to Coinbase.
To buy crypto on Coinbase with PayPal, you have to select it as a payment method. Then you have to select or add either a debit card to a bank account linked to the PayPal account and make a purchase, applicable only up to $25,000 a day.
This ability to use funds from PayPal to buy crypto on Coinbase will be expanded to more countries as well in the coming months. Already, cash withdrawals to PayPal are available in the US, Canada, EU, and the UK.
Today, Coinbase also announced the acquisition of data analytics platform Skew, which it says will allow it to provide real-time actionable data analytics to institutions and traders.
This will help the company serve its more than 7,000 financial institutions and enhance its prime offering. The acquisition is subject to customary closing conditions and is expected to close in the second quarter.
London-based Skew, which was founded in 2018, already serves over 100 customers, including the likes of One River Asset Management and Susquehanna International Group.
Earlier this month, Coinbase had gone public through direct listing with its share price briefly as high as $430. Currently, COIN is trading at $294.77, in line with the consolidating bitcoin prices of around $54,000.