One of America’s largest crypto exchanges, Coinbase, has recently started allowing customers to purchase crypto through their PayPal account. Withdrawals via PayPal have been possible for some time. Now that customers can also top up their Coinbase account via PayPal, the whole process has become a lot easier.
Thanks to the support of PayPal, customers can in principle buy crypto with bank accounts and debit cards that they have linked to their PayPal account. Coinbase reports to The Block that this allows customers to “immediately” buy cryptocurrencies such as bitcoin (BTC). The buying process via Coinbase is now faster and easier for Americans, which is of course a positive development for the market.
Coinbase reports that the service will not remain in the United States alone. “In the coming months”, customers from other countries should also be able to buy crypto via PayPal. Withdrawing money from Coinbase via PayPal is already possible in the European Union.
Americans can also buy and hold crypto directly within PayPal. The difference, however, is that this crypto cannot be sent to an external wallet, it must remain within the PayPal account. This to some annoyance among crypto owners in the US.
Despite this, the CEO of PayPal recently stated that the demand for crypto is many times greater than the company expected. “The demand on the crypto side is many times what we initially expected. There is a lot of enthusiasm, ”said the CEO.