Coinbase introduces free PayPal withdrawals for crypto users

Coinbase, one of America’s leading cryptocurrency exchanges, has recently made crypto-to-cash conversions easier and faster by integrating PayPal Instant Cash Withdrawals. As a result, this new feature allows users to transfer their cryptocurrency funds to their PayPal accounts instantly and without fees, thus marking a significant improvement in the accessibility and liquidity of digital assets.

How to link your Coinbase and PayPal accounts

Firstly, customers can now connect their PayPal and Coinbase accounts. However, new users must complete all ID verification steps. Meanwhile, existing customers should link their PayPal accounts to instant, free withdrawals. After verification, therefore, look for the PayPal withdrawal option. Nevertheless, if you don’t see it, the feature may not be available in your region yet.

Limitations of Coinbase’s PayPal integration

Currently, PayPal only supports withdrawals and sales. You can’t buy digital currency with your PayPal account on Coinbase. Depending on your location, you can either withdraw cash to PayPal or sell crypto directly to your PayPal account.

Coinbase and PayPal: available countries and future expansion

The service supports PayPal accounts in the U.S., Jersey, Norway, Romania, Switzerland, and San Marino. Coinbase plans to expand to more countries throughout 2019. You’ll receive an email with linking instructions when it’s available in your area.

The History of the collaboration

Coinbase and PayPal first integrated in 2016 but ended the partnership due to technical issues. This limited users to ACH transfers and bank wire transfers. These traditional methods can take 2-3 business days and involve various fees.

PayPal’s crypto ambitions

PayPal filed a U.S. patent in March to speed up cryptocurrency payments. Their “Expedited Virtual Currency Transaction System” aims to reduce transaction times between consumers and traders.

Coinbase’s expanding services beyond PayPal integration

This PayPal integration improves Coinbase’s service range. In September, Coinbase announced plans to list more digital assets quickly. Last month, they began considering up to 31 new coins, including Ripple, EOS, and Cardano.