CollinsCoinbase has announced that users in the United States can now purchase cryptocurrency using their PayPal accounts.
It claims that the feature provides a “familiar and trusted” experience for users purchasing any of the numerous cryptocurrencies that the exchange currently supports and that using PayPal as an intermediary eliminates the need to provide your bank account or debit card information directly to the cryptocurrency exchange.
In the coming months, the feature will be expanded to other countries. Meanwhile, you can learn how to transfer money from Chime to Paypal.
Coinbase says you can use the new option by adding your PayPal account via the “Add a payment method” option, which takes you to the PayPal login screen.
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PayPal purchases are limited to $25,000 per day, or 0.46 Bitcoin at the time of writing. Although debit cards and bank accounts linked to a PayPal account can be used to purchase cryptocurrencies, a Coinbase FAQ notes that the feature does not support payment methods such as prepaid cards or credit cards.
The announcement is part of PayPal’s broader embrace of cryptocurrency. The company began allowing US users to buy, sell, and hold cryptocurrencies directly from their PayPal accounts in November of last year, and this year it added the option for users to pay with cryptocurrency held in their PayPal account (though this is converted to local currency before a merchant is paid).
In comparison to the dozens of cryptocurrencies available on Coinbase, PayPal currently only supports four natively — Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
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