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Bitcoin Exchange Coinbase Adds Paypal Support


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Bitcoin wallet and exchange Coinbase has revealed new funding methods – PayPal and credit cards, to further enable digital currency transactions and swaps in its exchange. The support for the two new funding mechanisms is currently in beta.

In a move that can be seen as a further sign that PayPal is dipping its toes into the bitcoin space, a tie-up with digital currency exchange Coinbase will see the latter enable PayPal support for bitcoin selling.

“Through this integration, Coinbase users are now able to sell BTC and have their USD funds deposited to a PayPal wallet,” Coinbase explained in a blog announcement.

As things stand, the San Francisco-based bitcoin company will enable the feature for US users alone before expanding support to other countries. Furthermore, Coinbase also intends to enable bitcoin purchases via PayPal.

PayPal has notably shown interest toward bitcoin and digital currencies. The most recent indicator was the revelation of a patent filed for a payment device that accepts cryptocurrencies including bitcoin, LiteCoin and Dogecoin. The patent was filed in December 2015. A fortnight later, PayPal announced a new member to its board of directors, bitcoin evangelist and entrepreneur Wences Casares.

Coinbase is also adding support for credit cards, a move that enables purchasing bitcoin and digital currencies using a credit card. Adding credit card support comes soon after the exchange enabled bitcoin buying with debit cards for all US customers, a feature that was announced toward the end of April 2016 following a beta launch in March.

The rollout of the two new features isn’t widely available for all Coinbase users just yet, with both services currently in beta.

“We’ll invite more users to each service over the next few weeks, and we’ll be expanding to more countries in the coming months,” Coinbase added.

Featured image from Shutterstock.

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