Now, customers can instantly fund their crypto purchases with PayPal in a few clicks via Bitstamp’s web platform.
If users already have a PayPal account, they can start making transactions on Bitstamp right away. There’s no need to add additional bank accounts or credit card numbers to the Bitstamp account, as customers can use PayPal to manage and keep track of their shared information.
To buy crypto on Bitstamp using PayPal, first select the cryptocurrency of your choice, then click Buy with PayPal, or click Direct Crypto Purchase on the Deposit page. Once you enter the fiat amount you want to spend, select Buy with PayPal. You’ll then be directed to a PayPal login screen where you’ll need to make sure that the name associated with your PayPal account match the ones associated with your Bitstamp account.
When you’re logged in and have confirmed the transaction on the PayPal screen, you’ve successfully bought crypto using PayPal. You will not need to log in to it again for your future purchases.
You will be able to make crypto purchases of up to USD/EUR/GBP 2,500 daily using PayPal, and benefit of 0% trading fee across all coins for your first USD 1,000 (or equivalent) in trading volume over the previous 30-day rolling period.
PayPal has already made some moves into the crypto world in 2022. In June, for example, the company announced it will allow users to transfer cryptocurrencies to external wallets. The feature is available to select US users. Even though PayPal started allowing customers to buy, sell, and hold Bitcoin, Ethereum, Bitcoin cash, and Litecoin in October 2020, users were not allowed to move crypto holdings off its platform earlier.
Later, in August 2022, PayPal has added cryptocurrency features to its mobile app. Starting from 15 August, the application users could buy, sell, and transfer several cryptocurrencies. The crypto assets that can be now accessed through the application are Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. According to the official website, the funds remain protected without any digital key. The mobile version will only support internal transfers and does not require a MetaMask account.
The emphasis on digital wallets is one of three things that have taken priority as PayPal has cut back in some areas like marketing and headcount and narrowed its focus. Besides digital wallets, the company also highlighted two other areas of the business as priorities: checkout, the core of PayPal’s business, and Braintree, which enables merchants to customize their shopping carts and integrate them with their own platforms.
Although PayPal has reaffirmed its commitment to crypto for now, it’s unclear whether the company’s shifting priorities and pressure from activist investors will change things for crypto in the future.
Especially when crypto has been hammered so far in 2022 with the most popular cryptocurrency, Bitcoin, down about 50% since the start of the year and the second most popular crypto, Ether, down about 55%.
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