Cryptocurrency exchange platform Coinbase has teamed up with PayPal to let users instantly buy crypto using debit cards and bank accounts linked to their PayPal accounts.
The US company announced (opens in new tab) those with an existing PayPal account will be able to start making transactions right now, meaning users will be able to buy Bitcoin, Dogecoin, and many more cryptocurrencies the platform supports (opens in new tab).
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This could potentially be a game-changer for many who already buy and use cryptocurrency. PayPal was one of the first to support cryptocurrency in the US in 2020, and other banks like Mastercard have recently followed suit.
As stated in the announcement, users don't need to add their bank accounts or card numbers onto Coinbase directly. Your PayPal account will sort that out.
Currently, only customers in the US will be able to buy crypto with their PayPal account via Coinbase. However, Coinbase is working on making this feature available in more countries over the next few months.
How to buy cryptocurrency on Coinbase with PayPal
As the blog post suggests, it's simple to this up.
After selecting which crypto you want to buy, tap on the payment method and select “Add a payment method” to select PayPal.
After this, enter your PayPal credentials on the PayPal login screen. Coinbase says to make sure your PayPal email address is the same as the Coinbase email address, otherwise, you’ll have to go through a two-factor authentication flow.
Once you're logged in, you can select or add a debit card or bank account linked to your PayPal account. Now you're in business.
Users will be able to purchase up to $25,000 a day with their PayPal account. However, Coinbase does note (opens in new tab) that prepaid cards, business cards, or credit cards aren't supported yet. Along with this, your PayPal account can only be linked to one Coinbase account at a time.
If you're looking to buy SafeMoon, there are a few more steps required than simply using a PayPal account through Coinbase. If you're asking yourself "what is SafeMoon?" we've got you covered.