This integration provides a seamless and secure way for users to buy and withdraw cryptocurrencies using their PayPal accounts, Coinbase said in a Monday (Aug. 28) blog post.
Traditional methods of acquiring cryptocurrencies, such as wire transfers, can be tedious and time-consuming, according to the release. Coinbase’s integration with PayPal aims to address this and meet the need for quick and hassle-free options. Now, users in Germany and the U.K. can buy cryptocurrencies through PayPal with just a few clicks.
“Coinbase’s mission of increasing economic freedom in the world means making it easier, safer, and faster for customers to interact and engage with the cryptoeconomy, reducing the frictions of the legacy banking system,” Daniel Seifert, vice president and regional managing director, EMEA at Coinbase, said in the release. “We’re therefore very pleased to be partnering with PayPal to be able to offer our German and U.K. users another fast, secure and convenient way to buy crypto.”
The PayPal integration brings several key benefits to Coinbase users in Germany and the U.K., according to the press release. First, it offers ease of use, as users can simply connect their PayPal accounts to buy cryptocurrencies. Additionally, it ensures safety and security, as both PayPal and Coinbase provide industry-leading security features, including encryption and fraud monitoring.
To start transacting on Coinbase using PayPal, users can log in to their Coinbase account and select the cryptocurrency they want to buy, the release said. They can then choose PayPal as the payment method and will be directed to a PayPal login screen. After logging in, they can select or add a debit card or bank account linked to their PayPal account.
Coinbase plans to extend this option to purchase crypto using PayPal to other EU countries in the coming months. Cash withdrawals from PayPal are already available in the United States, Canada, the U.K. and across the EU.
In another recent development, Coinbase said Aug. 16 that it has teamed up with open banking provider Trustly as it expands into Canada. This partnership lets Coinbase users in Canada deposit and withdraw funds from their bank accounts to and from their crypto wallets.