Coinbase Makes It Possible To Withdraw Funds Into A PayPal Account For Users
Coinbase constantly posts updates on their official website to cater to their users, providing more and more benefits to users. One of the latest developments is the support that users from the European Union will receive, as Coinbase has made it possible for this audience to make their fiat currency withdrawals to PayPal.
The company established this PayPal support for the United States last year, delaying the same offer for EU members as they worked to make it a possibility. According to the blog post, consumers in the European Free Trade Association – which includes Iceland, Liechtenstein, Norway, and Switzerland – along with all E.U. users, will have the option of participating in these withdrawals.
Previously, the only options for European customers to withdraw in fiat were SEPA and UK Faster Payments. However, Coinbase states,
“Part of our commitment to being the safest and easiest is to support the preferred transfer options for our customers around the world. As one of the world’s easiest and most widely-used payment platforms, adding PayPal as a withdrawal option for European customers offers another great option for withdrawing their funds.”
This is not the first time that Coinbase attempted to integrate PayPal. In the summertime in 2016, the same service was implemented. However, technical difficulties kept it from remaining in place. Luckily, after successfully creating the link between US users and PayPal, the same issue should not recur.
Upon entering the Coinbase website, the user just needs to select their PayPal account as a payment option after linking it to the account. Even though these benefits still only cover a fraction of the users on the Coinbase platform, it may not be that way for much longer. The blog adds, “We’re working on expanding support for PayPal in 2019, so stay tuned.”
PayPal’s numbers show that, as of Q3 0218, that platform hosts over 254 million users. Co-founder Luke Nosek has said before that the goals of the company at its start were fairly similar to cryptocurrency. Explaining, he said, “Many people don’t know this, but the initial mission of PayPal was to create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies.”
The CFO at PayPal, John Rainey, has said the same about the platform. However, another co-founder named Max Levchin has sided more on blockchain, rather than voicing support for Bitcoin.