If you’re in the US, you can now buy cryptocurrency on Coinbase via your PayPal account, according to the cryptocurrency exchange. Coinbase says that feature will expand to other countries in the coming months.
The exchange says the feature offers a “familiar and trusted” experience for users buying any of the numerous cryptocurrencies that the exchange currently supports. It says that using PayPal as an intermediary means you don’t have to give your bank account or debit card information directly to the cryptocurrency exchange.
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You can begin by logging into your Coinbase account and adding your PayPal account via the “Add a payment method” option. The option links to the PayPal login screen, allowing you to sign in.
Purchases made via PayPal are capped at $25,000 a day, or 0.46 Bitcoin for now. Debit cards and bank accounts linked to a PayPal account can also be used to buy cryptocurrency on the platform.
This announcement is part of PayPal’s increasing embrace of cryptocurrency. The company began allowing its users in the US to buy, sell, and hold cryptocurrencies directly from their PayPal accounts in November 2020. This year, it also began allowing users to pay with cryptocurrency held in their PayPal account. However, Paypal first converts the cryptocurrency to its equivalent in the local currency before the merchant receives payment.
At this time, PayPal currently only supports four cryptocurrencies natively; Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
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