The leading cryptocurrency exchange in the United States, Coinbase, has announced on Thursday that US customers can now purchase cryptos on their platform by using PayPal as a source of funding.
This pioneer crypto exchange has been at the helm of the struggle for global crypto adoption and is now paving the way to new avenues yet again with this exciting venture.
It has certainly been a busy month for Coinbase as they had recently made big news by going public with their IPO earlier this month, it seems they’re still on a roll when it comes to making headlines in the world of cryptos.
Now, they’re making waves yet again in their new partnership with PayPal, which has launched their checkout service using cryptocurrency late last month.
“We are now offering millions of customers in the US a simple and speedy way to buy crypto on Coinbase using your debit cards and bank accounts linked to PayPal.” said the Nasdaq-listed company.
They went on further to say “If you have an existing PayPal account, you’ll be able to start making transactions on Coinbase right away,” adding “there’s no need to add bank accounts or card numbers directly to Coinbase.”
Coinbase did however explain that e-checks and PayPal-linked credit cards cannot be used to purchase cryptocurrencies on the exchange. To use PayPal as a payment option, users must select the crypto they want to purchase, add a payment method by choosing PayPal, and then follow the prompts through multi-factor authentications to add accounts linked to PayPal. They will then be taken to a screen for PayPal login.
Eddie Lo, Product Manager at Coinbase, says that clients can make purchases up to the value of $25,000 per day using their PayPal account, which means that it would take a little over two days to buy an entire Bitcoin with the current price.
Coinbase added: “In the coming months, we’ll expand the ability to purchase crypto using funds from PayPal to more countries. Cash withdrawals to PayPal are already available in the US, Canada, EU and UK.”
This means that Coinbase and PayPal users can look forward to this service becoming available outside the US in the months to come. Interestingly enough, PayPal already offers its users the option to buy, sell, and hold certain cryptocurrencies, but their terms and conditions state that “You will not be able to transfer crypto assets from your cryptocurrencies hub to another cryptocurrency wallet.”
Crypto payments seem to be becoming easier by the day as major companies are starting to explore the benefits of accepting payments in the form of these currencies. The global media brand Time has announced its partnership with Crypto.com to start accepting crypto payments for digital subscriptions.
Tesla has been accepting cryptos in exchange for cars and the shared workspace provider WeWork, has also adopted crypto payments for their services. And guess who was the first client to make a cryptocurrency payment to WeWork? Coinbase!