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The company announced that the feature offers a “familiar and trusted” experience for users buying any of the numerous cryptocurrencies that the exchange currently supports, and using PayPal as an intermediary means you don’t have to give your bank account or debit card information directly to the cryptocurrency exchange.
Users can add a PayPal account via the “Add a payment method” option, which links to the PayPal login screen. Purchase made via PayPal is capped at $25,000 a day, or 0.46 Bitcoin as of this writing.(Photo Credit: cnBeta)
Debit cards and bank account linked to a PayPal account can be used to buy cryptocurrencies, but a Coinbase FAQ notes the feature doesn’t support payment methods like prepaid cards or credit cards.
The news is part of PayPal’s broader trend towards embracing cryptocurrency. In November last year, the company started letting US users buy, sell, and hold cryptocurrencies directly from their PayPal accounts.
This year it rolled out the option for users to pay with cryptocurrency held in their PayPal account (though this is converted to local currency before a merchant is paid). PayPal currently only supports four cryptocurrencies natively — Bitcoin, Ethereum, Litecoin, and Bitcoin Cash — compared to the dozens available on Coinbase.