It was one of the news of the week: Coinbase will allow its users to buy crypto currencies with funds from their PayPal accounts. Last Thursday’s announcement was an important sign of the growing mainstream acceptance of crypto currencies and a major expansion in Coinbase’s funding avenues .
The exchange, which recently went public on the stock exchange , said his goal is to bring the message about the ease of buying crypto currencies to the general public:
“Buying crypto should be simple and easy,” Coinbase communicated in the official publication announcing the partnership with PayPal, accompanied with the purchase of transferring money in a traditional way: “However, moving money in the traditional world of finance can be everything. Otherwise”.
As reported by the exchange, to use Paypal on Coinbase, users will select Paypal as the payment method when buying crypto currencies and then the system will take them to the Paypal login screen to log in with their account.
Purchases made through PayPal are capped at USD 25,000 per day, or 0.46 Bitcoin (as of April 30, 2021). Debit cards and bank accounts linked to a PayPal account can also be used to buy crypto currencies- However, on the Coinbase platform they point out that the function does not support payment methods such as prepaid cards or credit cards.
In addition to allowing Paypal as a funding source, US customers will be able to purchase crypto currencies with a bank account connected via ACH or wire transfer, a debit card, or funds in the Coinbase USD wallet. ACH is ” Automated Clearing House ” and is where payment is transferred from a checking or savings account, or from your credit card. Electronic payments (eCheck), for example, are made through ACH .
Coinbase added that in the coming months, it will expand the ability to buy crypto currencies using Paypal funds to more countries.