With the initiative Coinbase intends to ease the process of digital currency exchange.
Coinbase, a leading bitcoin exchange and wallet service located in San Francisco, unveiled the addition of PayPal and credit card funding mechanisms in a blog post. According to the announcement, Coinbase has started accepting PayPal for bitcoin selling and credit cards for bitcoin buying. Coinbase users couldn’t be more delighted as they have got a possibility to trade bitcoin and have their USD funds deposited to a PayPal wallet.
“With the addition of credit card support, we are getting closer to a world where customers can purchase bitcoin with any card in their wallet”, the post says.
To start with, Coinbase offers PayPal cash-out only for US citizens. The PayPal and credit card services are currently in beta but the company will be inviting more users to each service over the next few weeks. Coinbase assures that it is planning to add support for other countries in the future.
Coinbase Buy Widget
Earlier this year, Coinbase added the option to buy bitcoin instantly with debit cards for US citizens. To activate this option users have to add a debit card either by going to the payment methods page on Coinbase.com or by the Android and iOS app.
At the beginning of June, Coinbase announced Coinbase Buy Widget, a configurable service that allows new users of virtual currency to acquire up to $5 worth of bitcoin without the need to create a full account.
“We are very excited about this new product,” the company said. “The Coinbase Buy Widget offers newcomers to bitcoin an easy way to try out more applications, helps developers grow their communities, and helps novel bitcoin use-cases flourish.”
The Coinbase Buy Widget instantly transfers bitcoin to the address provided by the app. The fee for each transaction makes up 3.75%.
The Coinbase Buy Widget has a limit of $50 and when the limit is exceeded users will be required to create a full Coinbase account. However, the company is going to increase the threshold and integrate more payment methods in the near future.
Additionally, the Coinbase Buy Widget enables developers to add digital currencies into their apps and websites using Coinbase Javascript SDK. “Developers who want their users to buy bitcoin into their apps can now do it with just a couple of lines of code instead of a full blown OAuth integration,” the company wrote.
Coinbase adds ether
Moreover, Coinbase has recently unveiled its plans to add cryptocurrency ether on its trading platform and changed the name of platform to Global Digital Asset Exchange (GDAX). However, Coinbase retained its name for retail service such as exchanging dollars for bitcoin or ether.
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