Crypto Exchange Coinbase users in the U.S. can now make cash withdrawals to their PayPal accounts.
As per a blog post, US customers can withdraw their Coinbase balances to PayPal instantly and without any fees. This enables customers to convert their digital currency holdings to cash immediately, wrote Mr. Allen Osgood, who works on the product at the exchange.
Coinbase declared last month that it was bringing back a PayPal integration, noting that users will only be authorized to make withdrawals using PayPal. Users won’t be able to purchase digital currencies via PayPal.
A representative for the exchange stated that “there is new functionality that was improved from the prior one,” continuing:
“There is new technical work to make this viable, and that was done in association with PayPal.”
On Friday, Mr. Allen Osgood wrote the collaboration provides customers an alternative to the traditional automated clearing house (ACH) or federal wire network that they were earlier required to use.
“These conventional finance networks can add up to two business days to a withdrawal. We’re constantly looking for ways to not only meet the bar set by traditional finance but raise it. That’s why we rebuilt our integration to guarantee that the speed and reliability of PayPal withdrawals does just that.”
Coinbase spokesperson confirmed that the service is only available to US customers for now. Mr. Allen Osgood wrote support for PayPal withdrawals in other countries would continue to be added across 2019.