Coinbase one of the most secure platforms for buying, selling, and storing cryptocurrency has announced that they have added a new option that will allow users to buy cryptocurrency using their PayPal account.
The service will be available immediately in the USA, Canada, Europe, and UK. it will roll out to more countries in the coming months.
The company in their statement said PayPal is already a “familiar and trusted’’ platform for users buying any of the cryptocurrencies that Coinbase supports.
Using PayPal as an intermediary you don’t have to give your bank account or debit card details directly to the cryptocurrency exchange. They also plan to expand the service to other countries in the coming months.
Buying crypto will be a lot easier as a result of this collaboration and there will be a lot of newcomers that will hop on the crypto bandwagon. “Conventional transaction processing systems and wire transfer can take time and effort and we know you want faster and more seamless ways to make crypto purchases, now you can instantly fund your crypto purchases with PayPal in just a few taps” according to Coinbase.
How to Use PayPal on Coinbase
According to Coinbase, you can add your PayPal account through the “add a payment method” on Coinbase. This will link you to the PayPal login screen and you can only buy cryptocurrency worth $25,000 dollars a day or 0.46 bitcoins.
Debit cards and bank accounts linked to a PayPal account can be used to buy cryptocurrencies. If you use the same email address for both services then you are all set. Otherwise, you will have to use two-factor authentications. After that you can choose how you want to pay for your crypto.
Over the past months PayPal has been embracing cryptocurrency in November last year, the company started allowing US users to buy, sell, and hold cryptocurrencies directly from their PayPal account.
In April, they rolled out another plan allowing users to pay for services with cryptocurrency and the merchants will receive traditional money or fiat currency.
Right now, PayPal only supports four currencies that include: Bitcoin, Ethereum, Bitcoin Cash, and Litecoin while Coinbase has dozens of Cryptocurrencies available.
PayPal doesn’t trade other cryptocurrencies for now because of the lack of confidence in the long-term potential. People that are into the world of crypto trading, know how enormous this collaboration would be to them.