There’s now a secret way to cash out your cryptocurrency using PayPal – might be incentive enough to get a PayPal card! Coinbase, a California based cryptocurrency company has enabled the option for free PayPal withdrawals for various fiat currencies. This move was quiet and swift – you’re able to withdraw USD, EUR, and GBP. A Coinbase PayPal partnership is just going to help make mass adoption that much quicker!
The withdrawals will also be free of charge to their PayPal account, so if you don’t have a PayPal account, now would be a good time to get one!
Coinbase, however, has not officially announced this feature on their website nor through their social media handles. It has, however, sent emails to eligible users.
The option for charge free withdrawals is only available to a handful of regions, like the US, UK, EU, and Canada. Coinbase offers a wallet to store their fiat, but they may be looking to add support for CAD and AUD wallets.
For now, Canadian and Australian users do not have access to withdraw through PayPal but are provided the option to sell their cryptocurrencies to CAD or AUD. This option is exclusive to users in Canada and Australia – it is not available for those outside those countries.
In order to access the withdrawal option to PayPal, users have to verify their identity – going through a simple KYC process. This move is huge. It’s not advertised nor is it hitting major outlets yet – but when it does, this will further the case for mass adoption.
This update to Coinbase includes an option to withdraw funds to PayPal – this might mean that an option to deposit to Coinbase from PayPal may be forthcoming.
This decision came in shortly after Coinbase declared its plans for global expansion – following a $300 million Series-E funding round and additions to a Stablecoin to its offerings.
What do you think? Do you use PayPal? Remember – this is huge – PayPal will allow you to send money to your bank for free – sometimes, same day depending on the debit card! Will you be using this service? We know Financial Institutions are following our ecosystem very closely. Do you think we’ll see a pop in December? Let us know on our Facebook Page!