Coinbase begins PayPal withdrawals for EU and European Free Trade Association customers

The cryptocurrency market has been in the midst of several updates and developments even though the charts show a mix of both bearish and bullish signals. Popular cryptocurrencies like Bitcoin [BTC], XRP and Ethereum [ETH] were also affected by this downtrend.

Coinbase, the largest cryptocurrency exchange on the planet in terms of users, is back in the news again after the company announced that the European Union and European Free Trade Association customers can now withdraw to their PayPal accounts. The company in an official press release stated:

“Last year we announced support for PayPal in the U.S., and today we’re expanding that support for PayPal withdrawals to all E.U. customers and customers in European Free Trade Association countries (Iceland, Liechtenstein, Norway, and Switzerland). We strive to make Coinbase the safest and easiest place to use cryptocurrency — offering convenient withdrawal options like PayPal is another big step towards that goal.”

The organization has stated that before PayPal, SEPA and UK Faster Payments were the only options for European customers to withdraw funds. The exchange’s new venture comes in the wake of a report suggesting that Coinbase’s trading volume had fallen consistently since 2018.

In January 2018, the exchange held a BTC/USD trading volume of $8.2 billion which then fell to $2 billion in December 2018. January 2019 saw the worst performance in terms of trade following to a low of $1 billion.

On the developmental front, Coinbase has also taken a massive step to support their institutional clients and high volume across Asia. Just recently, the Brian Armstrong led company had revealed that it will open its doors to professional trading and custody platforms for high volume customers and institutional clients in Asia.

Coinbase had said:

“We see a bright future ahead for crypto in Asia. Building on our announcement last June that Nao Kitazawa would lead our efforts in Japan, we have also recently appointed Kayvon Pirestani to head institutional sales in Asia, operating from our Tokyo office.”