Coinbase Allows Immediate Withdrawals to PayPal

According to an official blog post by the company, Coinbase customers in the United States can now withdraw their balances to PayPal immediately free of cost. This new arrangement will allow customers to convert their cryptocurrencies into cash quickly.

PayPal Integration

Coinbase, the number one cryptocurrency exchange in the US, previously offered its customers a PayPal integration from 2016 onwards, but earlier this year, the exchange had to stop the service due to technical issues.

Then last month, Coinbase announced that it was relaunching the PayPal integration. However, the exchange clarified that customers would only be able to make withdrawals with PayPal; they would not be able to buy cryptocurrencies using their PayPal account.

Coinbase’s spokesperson stated that the exchange had worked with PayPal to launch this initiative, and that the new offering was better than the previous one.

Allen Osgood in the products department at the exchange wrote on Friday that this new partnership with PayPal offered Coinbase customers an alternative means of withdrawing their funds. Before this, customers were required to use either the traditional federal wire or the ACH (automated clearing house) networks.

Osgood stated that the traditional networks could add up to 2 business days for a withdrawal. He said that Coinbase was constantly looking for ways in which they could not only meet standards set by traditional finance, but also top them. Which is why the exchange rebuilt its integration to offer their customers the speed as well as reliability of withdrawals to PayPal.

Enhanced Range of Services

By adding PayPal withdrawals for its customers, Coinbase has once again enhanced its range of services on offer.

In fact, the exchange has been actively expanding for the last few months. In December, Coinbase starting looking at the possibility of giving trading support for 31 different cryptocurrencies. Possible new cryptocurrencies that could be listed on the exchange are Ripple (XRP), Cardano (AXA) and EOS. The crypto exchange stated that it would be working with local regulators and banks to add these cryptos to “as many jurisdictions as possible”.

In November, Coinbase had launched an Over-the-Counter (OTC) trading option for institutional investors, which could possibly be integrated with Coinbase Custody, a crypto custodian tool that the exchange had launched in July this year.

Prior to that, in September, Coinbase had announced that it had created a new process that would allow them to list cryptocurrencies on their platform faster. Token issuers who are interested in having their digital assets listed on Coinbase through the new process would need to submit a special form. This form would then be evaluated by the Coinbase’s team and assessed against the exchange’s asset framework.