Coinbase Now Supports Fiat Withdrawals Through PayPal

Coinbase Now Supports Fiat Withdrawals Through PayPal

Customers of the U.S.-based cryptocurrency exchange Coinbase can now make fiat withdrawals using PayPal.  While no official announcement has been made, a number of users have reported that they have received an email confirming that PayPal support is being offered.  Withdrawals are possible in U.S. dollars, UK pounds and euros and are available with no additional fees.

Absent any major announcement on the subject, Coinbase has added the PayPal functionality to its FAQ.  It reads, “Beginning in November, Coinbase will add the ability for customers to link their PayPal and Coinbase accounts. Depending on country of residence, customers can either withdraw cash to PayPal or sell their crypto to their PayPal account.”

In order to take advantage of the PayPal capability, users must first verify their identifies with Coinbase.  Once complete, they will receive an acknowledgement via email that they are eligible to use PayPal for withdrawals.  The capability is currently only available to customers in the U.S., Canada, the UK and the European Union, but support for Canadian and Australian dollars is expected to be added in the near future.  

With users now able to exchange crypto for fiat through PayPal, many believe that fiat deposits could be coming soon, as well.  Given the number of services the platform offers, it’s a realistic prediction.

It will be interesting to see if the feature remains in place.  Coinbase began offering PayPal withdrawals last year, but subsequently suspended the ability before disabling it completely.  Now that it has returned, it allows the platform to be more flexible and will certainly lead to it attracting a larger percentage of the crypto investor market.  

PayPal has over 244 million customers.  Last year, its client base conducted around 7.6 billion payment transactions; if marketed properly, Coinbase could soon experience an unprecedented growth explosion.  This would certainly be the case if the crypto exchange were to introduce fiat deposits through PayPal.

Share your thoughts, add a comment!

You must be logged in in order to place a comment.

Article comments

Loading...
No comments yet, be the first to comment this article