As part of the 12 days of Coinbase program, the popular US based exchange announced the support of instant withdrawals through PayPal for their U.S. customers.
They will limit Coinbase’s newfound integration with PayPal to withdrawals as their partnership does not support the depositing of funds to Coinbase accounts. Customers can withdraw all Coinbase cash balances free of charge and available in the user’s PayPal account instantaneously.
As quoted from Coinbase’s official blog post on the matter:
These withdrawals are not only fast; they’re free and incur no fees. We work hard to make Coinbase the easiest and most trusted platform around — and now, moving your cryptocurrency to cash is easier and more affordable than ever.
Raising the Bar Set by Traditional Finance
Coinbase strives to be the easiest and most trusted cryptocurrency exchange on the market and PayPal is one of the world’s easiest and most widely used payment platforms. Therefore, it makes sense for the crypto exchange to add PayPal as another link to fiat currency.
Until now, they limited Coinbase users to two withdrawal methods offered by the legacy financial system, being ACH transfers and bank wire transfers. These methods offered by traditional finance networks can add up to 2 – 3 business days on top of the withdrawal, they come with varying fees, and they can be very difficult and time consuming for some users.
PayPal offers withdrawals nearly instantly, free of charge, and are simple and easy to do. Coinbase customers now enjoy a reliable and convenient alternative to the traditional withdrawal methods.
Coinbase customers who wish to take advantage of PayPal’s instant and free withdrawals must first link their PayPal account to their Coinbase account. Currently, there is only support for U.S.-based PayPal accounts by Coinbase, but the exchange has plans to roll out this service to users from other countries throughout 2019.
More from Coinbase
While Coinbase is using their 12 days of Coinbase program to improve their services and provide the best possible customer satisfaction, they are also doing good for the less fortunate.
As reported earlier, Coinbase donated $10,000 in ZCash (ZEC) to GiveCrypto.org to help those in need in Venezuela. They also donated an additional $10,000 in Bitcoin (BTC) to help GiveCrypto.org support Syrian refugees in Greece.
Another announcement from the 12 days of Coinbase program is the acceptance of Circle’s USDC stablecoin. Circle is a Boston-based cryptocurrency finance firm that developed a stable cryptocurrency that’s pegged 1:1 to the US dollar (USD).
The 12 days of Coinbase program has 5 more announcements left and everyone is paying close attention to what they may be.
What do you think Coinbase’s next announcement will be? Let us know in the comment section below.