One of the most bewildering things about the brave new world of cryptocurrency is how you actually buy it, but Coinbase has just made it a lot simpler thanks to a tie-in with PayPal.
As revealed in a blog post (opens in new tab), Coinbase will now offer its many millions of users the ability to buy Bitcoin, Ethereum and other cryptocurrencies directly in the app, using a linked PayPal account.
- What is SafeMoon? All you need to know about the new cryptocurrency
- Here's how to go about buying Bitcoin
- Plus: Bitcoin big shot just arrested for laundering $336 million
As the post explains, users with an existing PayPal account will be able to make transactions via the new method immediately. Plus, there'll be no need to add bank details to Coinbase: it'll all be handled via PayPal.
The process sounds seamless: to start, you simply select the crypto you want to buy, tap on payment method then choose PayPal under the “Add a payment method” option.
After logging in with your PayPal account — which must be registered to the same email as the one you use with Coinbase, or you'll have to go through two-factor authentication — you can select or add a debit card or bank account.
The new payment method will allow for purchases of up to $25,000 a day with your PayPal account, but it only currently applies to customers in the U.S.; Coinbase says it will be rolled out to other countries "in the coming months."
PayPal already gives users the ability to buy crypto in its own app, but the choices are currently limited to Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.
Coinbase, meanwhile, is one of the biggest crypto trading apps, with some 56 million users. In fact, earlier this month it became the second most popular app in the Apple App Store, behind its crypto rival Robinhood.
Its popularity has soared along with that of many of the cryptocurrencies its users trade: for instance, Ethereum recently reached its highest ever value of $2,800.
- More: Everything you need to know about the Robinhood app