The leading U.S. crypto exchange Coinbase announced on Friday that it will allow U.S. customers to make cash withdrawals to Paypal. The news follows a Coinbase announcement last month that they would be adding PayPal integration to their service again.
The exchange indicated in a blog post on Friday that U.S. customers can use PayPal as an alternative to an ACH or Federal Wire account for withdrawal of funds. The new option is said to provide a much quicker way for many customers to have access to their funds. Coinbase noted that the ACH and Federal Wire account transactions could sometimes take up to two days for processing, whereas Paypal transfers will be instantly completed. In addition, the Paypal withdrawals will come without any fees involved.
To enable the PayPal withdrawal option, U.S. customers are directed by Coinbase to log into their account. Customers will need to link their valid PayPal account to their Coinbase account before attempting to withdraw any cash balance. It’s also important to note that customers can’t use PayPal for purchasing cryptocurrency on Coinbase. Only withdrawals of cash balances are available with the latest integration.
Last week, the Coinbase blog announced other new developments for their exchange with the addition of four new ERC20 tokens to the Coinbase Pro platform. In addition, the exchange said they are exploring over 30 different cryptocurrencies to decide upon new crypto to add to their exchange.
The latest news from cointelegraph.com also arrives as the cryptocurrency markets are in a downtrend. Bitcoin (BTC) is down well off its previous highs of $20,000 and currently sits around or under $3,200 on the exchange. Ethereum (ETH) is selling for under $90 while Litecoin (LTC) is currently under $25. However, proponents for Blockchain and cryptocurrency use believe that the latest is a minor bump in the road compared to what lies ahead for the use of crypto in the future. Coinbase’s integration with PayPal may be a major step in that positive direction for crypto.
Earlier this year Coinbase stopped offering PayPal option for customers with technical issues as the reason, per a Coindesk report. The crypto exchange also mentioned that they plan to add more countries to the list of those with PayPal withdrawal option in 2019.
