Coinbase, one of the most influential USA exchanges has added a new feature. They are offering the possibility of withdrawing fiat money to a PayPal account, a thing that might seem strange. Paypal has been quite hostile to cryptocurrency outlets and exchanges, even going to the extremes of taking measures to not allow their customers to buy cryptocurrencies using their services.
But it seems that business is business, and for customers is just a good way of bonding these two services together in a neat way. For Coinbase customers it will be a new way of withdrawing money in a very convenient way.
However, there are some limits to this. According to the source, these withdrawals will be only active if the customer is registered in the country of origin of the currency. The currencies supported are the following USD, EUR, and GBP. To be able to withdraw their funds to a Paypal account, users would have to complete an ID verification and then they will be authorised to do it.
The update came shortly after Coinbase’s recent $300 million Series-E funding and the addition of stable coin Circle to its exchange platform. The San Francisco based exchange also recently launched its own OTC Trading Desk for institutional investors.
New users to Coinbase can get 10 USD (or 10 USD equivalent of your domestic currency) when you initiates a buy or sell of $100 USD or more (or 100 USD equivalent of your domestic currency) within 180 days of opening your account.