In case you needed a sign cryptocurrency has gone mainstream, here it is. Starting today, PayPal users in the US can link their accounts to Coinbase to make it easier to buy digital currencies like Bitcoin, Ethereum and Litecoin. Previously, funding those purchases often meant using a debit card or a more time-consuming method like a wire transfer. With today's update, Coinbase says you can fund your purchases "instantly." It also means there's one less platform with your debit and bank account information. Show
To link your PayPal account to Coinbase, look for the "Add a payment method" option when you're buying a cryptocurrency within the app. Provided you signed up with the same email for both Coinbase and PayPal, you'll be more or less good to go. Otherwise, you'll need to make your way through PayPal's two-factor authentication interface. Once you link the two accounts, you can spend up to $25,000 per day, so plan to set aside time across multiple days to buy a single Bitcoin. One other thing to keep in mind is that you must fund purchases with your debit card or money directly from your bank account. For PayPal, this is just the latest example of its recent embrace of cryptocurrency. Last fall, the company started allowing people to buy and sell Bitcoin, Litecoin, Ethereum and Bitcoin Cash. More recently, it's gone on to enable people to check out with digital currencies as well. By the end of this year, that's something Venmo users will be able to do as well. When PayPal first announced the move, CEO Dan Schulman said the company hoped it would encourage global uptake of the technology. All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission. All prices are correct at the time of publishing. PayPal Users Can Now Transfer, Send, and Receive Bitcoin, Ethereum, Bitcoin Cash, and Litecoin 08/12/2022 Update: We are pleased to announce that all eligible PayPal account holders in the U.S. can now transfer, send and receive cryptocurrency with PayPal. Download the PayPal app or log in to your account to learn more. Jose Fernandez da Ponte, Senior Vice President and General Manager, Blockchain, Crypto & Digital Currencies We are thrilled to announce that starting today, PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges. This feature has been consistently ranked by users as one of the most requested enhancements since we began offering the purchase of crypto on our platform. Available now to select U.S. users1 starting today and rolling out to all eligible U.S. customers in the coming weeks, this new functionality lets PayPal customers:
Allowing PayPal customers the flexibility to move their crypto assets (Bitcoin, Ethereum, Bitcoin Cash, or Litecoin) into, outside of, and within our PayPal platform reflects the continuing evolution of our best-in-class platform and enables customers to interact with the broader crypto ecosystem. Customers who transfer their crypto into PayPal can extend the utility of their crypto by spending using our Checkout with Crypto product at millions of merchants. PayPal has also been granted a full Bitlicense by the New York Department of Financial Services (NYDFS) – becoming the first company to convert a conditional Bitlicense into a full Bitlicense – signaling our commitment to responsible innovation and expanding the accessibility and utility of digital currencies while fully complying with regulatory guidelines and best practices. Adding the ability to transfer, send, and receive cryptocurrencies is another step in our journey to building a more inclusive and effective financial system. We’re excited to connect PayPal’s customers to other wallets, exchanges, and applications, and we will continue to roll out additional crypto features, products, and services in the months ahead. We look forward to hearing more customer and community feedback as we enhance our digital currency capabilities. Below is a step-by-step by step guide on using our crypto transfer feature. To help ensure that transfers aren’t made without authorization, PayPal has also implemented an additional identity verification process, which is also described below. Transferring crypto into PayPal from an external wallet or exchange
The wallet address is created only for the coin you selected, not your PayPal account. To help protect your privacy, we generate a new “Receive” address each time you want to send crypto to your account. PayPal does not charge fees to transfer crypto into PayPal, but network and sender fees may apply. Processing times vary. Moving crypto to an external wallet or exchange
Sending and receiving crypto with other PayPal users
1 PayPal’s crypto services are not available in Hawaii. Related ArticlesHow long does it take to transfer money from Coinbase to PayPal?For eligible customers, when digital currency is sold using a linked PayPal account as the Payout Method, the funds are credited instantly.
Does Coinbase work with PayPal?You can also access the Coinbase website on your mobile device. Follow the steps below to link your PayPal account on an Android or iOS smartphone: Press “Settings” from your Coinbase account and select the “Add a Payment Method” option. Choose “Link a New Account” and tap “PayPal” from the list of options.
Can I transfer my crypto to PayPal?"PayPal supports the native transfer of cryptocurrencies between PayPal and other wallets and exchanges," PayPal's SVP and GM of crypto and blockchain Jose Fernandez da Ponte said, announcing the update.
How do I get my money out of Coinbase?From a web browser, select your cash balance under Assets. On the Cash out tab, enter the amount you want to cash out and then click Continue. Choose your cash out destination and then click Continue. Click Cash out now to complete your transfer.
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