As the leading cryptocurrency exchange platform in the United States, Coinbase has been able to achieve major milestones in terms of transparency, compliance, due diligence, and convenience to account holders. The latest feature implemented by Coinbase seeks to streamline the funds’ withdrawal process by adding the popular PayPal network as an option.
Coinbase Integrates PayPal Options
Starting in mid-December 2018, Coinbase account holders based in the U.S. will be able to request a funds withdrawal payment made to their PayPal wallets. Let’s say a Bitcoin trader decides to cash out on a BTC/USD position worth $7,450 after currency exchange and administration fees; if she would like to have instant availability to her funds, she could direct Coinbase to transfer the cash to her PayPal account at no additional charge. As soon as the withdrawal is approved, the funds will instantly appear as an available PayPal balance, which she can use for shopping, transferring to her U.S.-based bank account or withdraw at ATMs around the world with her PayPal debit card.
The History of Cryptocurrency Exchange Transfer Services
This is not the first time Coinbase has struck a partnership with PayPal. In 2016, Coinbase offered a similar withdrawal option, but it was eventually suspended. Purchasing cryptocurrencies with PayPal is something that very few exchange platforms offer because the “know your customer” rules and level of compliance are quite high. American exchanges already operate in a compliance-heavy environment, thus making it easier for them to strike partnerships with companies such as PayPal.