Coinbase Paypal withdrawal is now active! Major US cryptocurrency exchange Coinbase has introduced fee-free cash withdrawals to PayPal according to an announcement published by Coinbase. This has been available to some savvy sleuths for a couple of weeks now but was enabled without fanfare and kept mum by both companies. Now, it’s official.
From now on, Coinbase’s US based customers are able to withdraw their USD to Paypal. The service will reportedly become available for those outside the US sometime in 2019.
Coinbase and PayPal previously integrated in 2016 when Coinbase added support for the payment platform. At the time, Coinbase users were able to sell Bitcoin and have their fiat deposited into a PayPal wallet. The function was terminated due to technical difficulties. This marks the second attempt of integration with PayPal by Coinbase.
With this move, Coinbase has enhanced its range of services to its US based customers as well as pushing another use-case for adoption and utility for the cryptocurrency. The exchange had begun “exploring” the possibility of providing support for an additional 31 cryptocurrencies. The new cryptocurrencies being explored include the unicorn XRP (Ripple), EOS, and Cardano. Coinbase “will be working with local banks and regulators to add them in as many jurisdictions as possible.”
Coinbase is working on a process that will allow it to list more digital assets more quickly – issuers who wish to have Coinbase support will have to use a special form which will be used to evaluate the token by the exchange team against their digital asset framework.
In November, Coinbase launched their over-the-counter (OTC) trading for institutional customers. Christine Sandler, head of sales at Coinbase, revealed that the OTC service is most likely going to be paired with Coinbase Custody, a crypto custodian tool for institutional investors that was released earlier this year.
In March, PayPal filed a patent with the US Patent and Trademark Office (USPTO) to increase the efficacy and speed of cryptocurrency based payments. The patent describes an “expedited virtual currency transaction system” which involves the use of secondary private keys to shorten wait times between the payer and the payee.
With this move, it’s now easier than ever to buy cryptocurrency and spend cryptocurrency. Especially with the holidays coming up, the use-case of cryptocurrency is becoming more and more pronounced – the ability to quickly access fiat from cryptocurrency is becoming a focal point for this industry. It couldn’t have come at a better time. With the markets slumping throughout 2018, we’ve seen technological advancement for this industry that is necessary to cement its status as an up-and-coming asset.
Clearly, even with this gigantic bear watching and guiding the cryptocurrency market, there’s many reasons to be bullish. We’ve got banks wanting to get into the space. We’ve got Bakkt coming in 2019. We’ve got crypto-friendly legislation pending in the United States. Where will you be when the ball drops and the next bull run hits cryptocurrency? Let us know on our Facebook page!
