Coinbase has revealed that consumers in the United States will now be able to purchase cryptocurrencies using their PayPal accounts.
It states that the feature provides a “familiar and trusted” experience for users purchasing any of the various cryptocurrencies that the exchange currently supports, and that using PayPal as an intermediary eliminates the need to send the cryptocurrency exchange your bank account or debit card details directly. In the coming months, the function will be expanded to other nations.
Coinbase says you can use the new feature by adding your PayPal account via the “Add a payment method” option, which takes you to the PayPal login page. PayPal purchases are limited to $25,000 a day, or 0.46 Bitcoin at the time of writing. While debit cards and bank accounts linked to a PayPal account can be used to purchase cryptocurrencies, according to a Coinbase FAQ, the feature does not support payment methods other than PayPal.
PayPal’s move to embrace cryptocurrency is part of a larger trend in the business. The company began allowing US users to purchase, sell, and keep cryptocurrencies directly from their PayPal accounts in November of last year, and this year it added the ability to pay with cryptocurrency stored in their PayPal accounts (though this is converted to local currency before a merchant is paid). In comparison to the thousands available on Coinbase, PayPal only supports four cryptocurrencies natively: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.