Coinbase now lets you buy cryptocurrencies with your PayPal account.
Coinbase has added the ability for users to purchase cryptocurrency using PayPal accounts in the United States, the company said. This feature is meant to provide a “familiar and trusted” experience for users purchasing one of the many currently accepted cryptocurrencies. Using PayPal as the go-between means you don’t have to provide your account information directly to the bank or your card debt cryptocurrency exchange. The feature will become available in other countries in the coming months.
To be able to use the new option, Coinbase claims you can add your PayPal account through the “Add payment method” option, which is linked to the PayPal login screen. PayPal purchases are limited to $25,000 per day at the time of writing. Debit cards and bank accounts connected to a PayPal account can be used to buy cryptocurrencies, but the Coinbase FAQ states that this feature does not support payment methods, such as prepaid cards or credit cards.
You can add a PayPal account on the “Add payment method” screen.
The news is part of PayPal’s broader trend towards adopting cryptocurrencies. In November last year, the company began allowing US users to buy, sell and hold cryptocurrency directly from their PayPal accounts. This year it launched the ability for users to pay with cryptocurrencies stored in their PayPal account. (This is converted into local currency before the merchant pays). Currently, PayPal only natively accepts four cryptocurrencies: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, compared to the dozens available on Coinbase.
Features of Coinbase and Paypal
Buy cryptocurrencies instantly
If you already have a PayPal account, you can immediately start trading on Coinbase. Also, there is no need to add bank accounts or card numbers directly to Coinbase; you can continue using PayPal to securely manage your information.
Simple and Easy
When you’re ready to fund your cryptocurrency purchases with PayPal, first select the cryptocurrency you want to buy, tap the payment method, then tap “Add payment method” to select PayPal. You will be directed to a PayPal login screen; Make sure your PayPal email address is the same as your Coinbase email address. Otherwise, you will need to complete a two-factor authentication flow. Once logged in, you can select or add a debit card or bank account associated with your PayPal account.
When you are done, you will be able to spend up to $25,000 per day with your PayPal account.
Customers in the United States can purchase cryptocurrencies with a connected bank account via ACH or wire transfer, debit card, funds in their Coinbase USD wallet, as well as now use funds from a connected PayPal account.
In the coming months, coinbase will be expanding its ability for users to purchase PayPal-funded cryptocurrencies in multiple countries. PayPal Cash Pickups are now available in the US, Canada, EU, and the UK. To learn more about coinbase pricing structure for cryptocurrency purchases, you can check their Help Center.
Meeting you where you are
Coinbase looks forward to meeting you where you already spend, pay, ship, and save, giving you more options with the brands you already use. Simplicity and ease of use are the core principles of Coinbase, and they are committed to delivering on that promise.