Coinbase is giving U.S. consumers a new way to purchase cryptocurrency using debit cards and bank accounts linked to PayPal, the crypto exchange said Thursday (April 29).
“Buying crypto should be simple and easy,” the company said in a blog post. “ACH and wire transfers can take time and effort, and we know you are expecting faster and more seamless ways to make crypto purchases. Now, you can instantly fund crypto purchases with PayPal in just a few taps.”
With PayPal, customers will get a “familiar and trusted experience” as they enter the world of crypto, carrying out transactions with security and transparency.
Customers with existing PayPal accounts will be able to make transactions on Coinbase right away without needing to add bank account info or card numbers into Coinbase.
Users will choose the crypto they want to buy, go to the payment method menu and add PayPal. From there, they’ll log into their PayPal account. (Users with different emails for PayPal and Coinbase will have to go through two-factor authentication.)
In addition to PayPal, customers in the U.S. can buy crypto with a connected bank account through ACH or a wire transfer, a debit card or funds in their Coinbase USD wallet. Coinbase says it will expand its PayPal program to other countries in the next few months.
The news comes two weeks after Coinbase went public via a direct listing, something one analyst called “potentially a watershed event for the crypto industry.”
That same day, PayPal CEO Dan Schulman gave an interview in which he predicted the company’s cryptocurrency service could hit $200 million in volume within months.
“We are moving into the era of digital currencies, and those digital currencies hold tremendous promise, whether these are cryptocurrencies or central bank digital currencies,” Schulman said. “I believe digital currencies can increase the utility of payments and make the financial system more inclusive and less expensive.”