Coinbase Changes US Crpyto PayPal Withdrawals
In the latest cryptocurrency news, Coinbase has made some changes relating to PayPal withdrawals. However, this would only affect all crypto users in the United States. Here is everything about the firm’s recent decision and move.
Withdrawing Via PayPal
Major American cryptocurrency exchange Coinbase has introduced free of charge cash withdrawals to online payment system PayPal, which was according to an announcement published earlier this week. From now on, its United States-based customers are able to withdraw their cash balances to PayPal. The service for other countries will reportedly be rolled out some time in 2019.
Coinbase and PayPal previously integrated in 2016, when the former added support for the payment platform in addition to major credit cards. At the time, the company’s users were able to sell Bitcoin and have their fiat funds deposited to a PayPal wallet. The integration was subsequently terminated due to technical difficulties.
A spokesperson for the exchange said that “there is new functionality that was improved from the prior one,” adding:
“There is new technical work to make this possible, and that was done in conjunction with PayPal.”
Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were previously required to use.
He added:
“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”
Expanding The Range Of Services
With this move, Coinbase has enhanced its range of services, which has been actively expanding over the past several months. This month, the exchange began “exploring” the possibility of providing trading support for 31 cryptocurrencies.
Potential new additions include Ripple, EOS, and Cardano. Coinbase “will be working with local banks and regulators to add them in as many jurisdictions as possible.”
Coinbase announced before a new process that will purportedly allow it to list more digital assets faster. Issuers who want to submit tokens at Coinbase via the newly adopted process will have to use a special form, which will subsequently be evaluated by the exchange team against their digital asset framework.
In November, Coinbase launched over-the-counter (OTC) trading for institutional customers. Christine Sandler, head of sales at Coinbase, revealed that the OTC service is likely to be combined with Coinbase Custody, a service crypto custodian tool for institutional investors launched on July 2, 2018.