Coinbase users can now buy crypto using PayPal
30 Apr 2021
Crypto exchange platform Coinbase has added an option to allow users to purchase cryptocurrency using their PayPal account in the United States.
The company announced the addition in a blog post, with the feature offering a “familiar and trusted” experience for users wishing to buy cryptocurrencies supported by the exchange.
According to the Coinbase blog post: “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.”
Using PayPal as a means of payment does not require users to divulge their bank or debit card details to the exchange directly.
Although only available in the U.S. at the moment, the feature will be launched in other countries over the next few months.
Purchases made through PayPal are limited to$25,000 a day, or 0.46 Bitcoin as at the time of writing, reports The Verge.
Although bank accounts and debit cards linked to a PayPal account can be used, the feature does not support credit or prepaid cards.
This latest announcement is part of PayPal’s wider move in embracing cryptocurrencies.
In November 2020, PayPal offered U.S. customers the option to buy, sell and hold digital currencies directly from their PayPal account. Then earlier this year a feature was added to allow users to pay using cryptocurrency held in their account.
At present PayPal supports Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.