Coinbase is adding PayPal support. The web wallet and payment processor will allow customers to sell Bitcoin and have it deposited into their PayPal account. They also announced their intentions to add PayPal buying support soon. The program is only available for US users and is limited as is technically in a “beta” phase.
This is big news because many people still perceive PayPal to be the embodiment of “web money” and often assume that buying or selling Bitcoin with PayPal will be the easiest way. That has not been the case in reality.
“Thousands of Coinbase users use PayPal for their fiat currency transactions around the world. Through this integration, Coinbase users are now able to sell BTC and have their USD funds deposited to a PayPal wallet. To start, we’re offering PayPal cash-out for US users only. In the future, we hope to add support for other countries, and to support buys through PayPal as well.”
Previously, PayPal was one of the riskiest ways to…