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Coinbase Now Allows its US Users To Buy Cryptocurrency Using Paypal

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  • PayPal’s U.S. based users can now link their accounts to Coinbase to buy cryptocurrency.
  • With purchase funding offered “instantly,” users can spend up to $25K per day through PayPal.
  • By the end of 2021, Venmo users will also enjoy the same features.

Another crucial breakthrough signifying that the cryptocurrency space has finally achieved its mainstream adoption is here. The PayPal users from the United States, where crypto productization is already facing hurdles, can directly link their accounts to Coinbase, offering an effortless trade of digital currencies like Bitcoin, Ethereum, and Litecoin. 

Ease in Buying Crypto

Previously, funding crypto purchases required either a debit card payment or some other time-consuming method like a wire transfer. With this update launched today, Coinbase will let the user fund their purchases “instantly,” becoming another platform that doesn’t require one’s debit and bank account information.

Link PayPal to Coinbase

The in-app “Add a payment method” option allows the PayPal users to link to Coinbase, given one has signed up on both platforms with the same email id or else undergo PayPal’s two-factor authentication interface. Once connected, users can spend up to $25,000 per day. The purchase is funded directly through a debit card or bank balance. Since the daily limit is fixed, one needs to make a multiple-day plan to buy bigger tokens like Bitcoin.

PayPal Embraces Crypto

This is PayPal’s next step towards embracing crypto. PayPal first voiced its potential participation in bitcoins in 2013, but the idea saw no fruit of fulfillment. By the end of 2014, PayPal collaborated with Coinbase, BitPay, and GoCoin to avail bitcoin payments for online vendors.

Then, on October 21, 2020, PayPal announced its crypto-association, offering trade in Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. Recently, it has enabled users to keep track of their digital tokens as well. By the end of 2021, PayPal-owned Venmo users will enjoy the same features. PayPal’s president and CEO, Dan Schulman, hopes this step would encourage crypto’s global uptake.

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Prachi

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