Coinbase is making it easier for curious investors to jump on the Bitcoin bandwagon.
The crypto company has struck a deal with PayPal that will allow people to buy digital currency using debit cards and bank accounts that are linked to PayPal.
“Buying crypto should be simple and easy,” Coinbase said in a blog post announcing the partnership. “However, moving money in the traditional world of finance can be anything but.”
Subscribe to The Ledger for expert weekly analysis on fintech’s big stories, delivered free to your inbox.
Automated clearing houses, or ACH, which are conventional transaction-processing systems, “and wire transfers can take time and effort, and we know you are expecting faster and more seamless ways to make crypto purchases,” the post continued. “Now, you can instantly fund crypto purchases with PayPal in just a few taps.”
To link your accounts, just select the “add a payment method” option in the Coinbase app. If you’ve used the same email address for sign-up with both services, you’re all set. Otherwise, you’ll have to use two-factor authentication. From there, you can choose the way you’d like to pay for your crypto.
Here’s what the new PayPal payment feature looks like inside Coinbase’s app.
You can spend up to $25,000 per day buying crypto on Coinbase via PayPal. Coinbase stopped accepting credit card purchases of crypto a few years ago.
Right now, cash withdrawals from Coinbase to PayPal are already available in the U.S., Canada, EU, and U.K. Coinbase plans to add other countries in the coming weeks.
Coinbase offers a variety of crypto options to interested buyers, including Bitcoin, Ethereum, and Litecoin. It does not, however, trade in Dogecoin, one of the hottest cryptocurrencies in recent months, because of an apparent lack of confidence in its long-term potential. The site even notes on a price tracking page that “Dogecoin is a cryptocurrency that was created as a joke.”
PayPal started letting people buy cryptocurrency through its own app in the fall of last year. The maximum amount people can spend on it is capped at $20,000 weekly, up to $50,000 total for a year. PayPal’s Venmo app, popular among millennials, added the same feature earlier this month.
More must-read finance coverage from Coins2Day:
- How much the big banks have lost so far from the Archegos collapse
- An illustrated guide to bear markets and other business terms
- How the highest corn prices in over a decade could hit American wallets hard
- Lumber prices are up 232% and “could spiral out of control in the next few months”
- These were the top-paid CEOs of 2020
Our mission to make business better is fueled by readers like you. To enjoy unlimited access to our journalism, subscribe today.
