Popular American based Cryptocurrency exchange Coinbase has enabled the option of PayPal withdrawals for various fiat currencies. The shocking move was made discreetly with no official announcements. As of now, emails have been reported to be sent about this new feature to eligible users.
Currently, currencies like US Dollar, Euro, and Great Britain Pound can be withdrawn from Coinbase free of charge to Paypal with Australian and Canadian Dollars soon to follow. The withdrawal, however, is only available for users in the US, UK, EU and Canada.
Coinbase users simply have to verify their identities before they receive the confirmation email before being eligible to use the Paypal withdrawal option.
The move suggests that Paypal deposits could be an option for Coinbase, given the significant services the Cryptocurrency exchange is starting to provide.
The American Cryptocurrency Exchange has had a fabulous year with a recent $300 million Series E funding round, and an introduction of its very own stablecoin with Circle called USDC.
While many Crypto enthusiasts are jumping in joy with the flexible Paypal option, Twitter user S O N N Y who is described as an ‘Internet Guru, Programmer, Technology, Innovation, loT, #Crypto HODLer, #Bitcoin #Ethereum #Litecoin, #Blockchain Technology’ in his description tweeted that the option was available last year. He stated it was disabled due to poor performance.
— S O N N Y (@sonnyleyba) November 27, 2018
Depending on country of residence. Since I live in United States my option available was to sell my crypto to my PayPal account. Great about it no fees included. Check out last year receipt i simply sell my crypto to my PayPal account pic.twitter.com/nENtvMvlS0
— S O N N Y (@sonnyleyba) November 28, 2018
Whether it was old news or new, what’s important is the massive adoption Cryptocurrency will gain through Paypal. Paypal has 244 million active customer accounts with a total of a whopping 7.6 billion payment transactions in 2017. According to statistics if Paypal were a bank, it would be the 21st largest bank in the United States. Hence Coinbase tying up with Paypal is similar to partnering up with a major banking institution.
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