On The Fifth Day Of “12 Days Of Coinbase”, All US Users Can Withdraw Balances To PayPal Instantly


On The Fifth Day Of The “12 Days Of Coinbase” Promotion, All US Users Can Withdraw Balances Instantly To PayPal

Though the cryptocurrency market has been incessantly suffering lately, Coinbase hasn’t seen this as a reason to be a Scrooge through the holiday season. Instead, they’ve started a promotion called the 12 Days of Coinbase, bringing a new benefit to their users in the days leading up to the 21st. Today, on the fifth day, users are now provided with access to instant transfers of their Coinbase accounts to PayPal.

Starting on December 10th, the platform waits until 12:00pm PST each day to post what the promotion of the day is. So far, the rewards for the first four days included:

  • US customers can purchase WeGift gift cards with their cryptocurrency (December 10th)
  • Coinbase made a $10,000 donation of cryptocurrency to support families in need in Venezuela (December 11th)
  • Coinbase posted a video about the way that crypto provides freedom to the users in the industry (December 12th)
  • Users gained access to watchlists to keep an eye on topics of interest (December 14th)

With the current promotion, users can access cash withdrawals through PayPal, but won’t have to worry about incurring a fee. According to reports, this service isn’t solely focused on the holiday season, but will be available year-round. For now, US customers are the only ones with this capability. However, additional countries should be added in 2019 as well. The Medium post from Coinbase explained,

“To get started, simply sign in to Coinbase and link your PayPal account to your Coinbase account. Select your PayPal account as a payment option when withdrawing your cash balance to move your funds instantly.”

Coinbase originally added support for PayPal on the platform in 2016, allowing users to sell Bitcoin for fiat currency, which would then be deposited into a PayPal account. Unfortunately, technical difficulties prevented the two parties from continuing their support. Now, a spokesperson explained,

“There is new functionality that was improved from the prior one. There is new technical work to make this possible, and that was done in conjunction with PayPal.”

Since then, Coinbase has been working on a greater scope of services, which has made a lot of progress. There are 31 cryptocurrencies that are being explored for potential trading support, including big names like Ripple (XRP), EOS, and Cardano (ADA). Based on a statement, Coinbase “will be working with local banks and regulators to add them in as many jurisdictions as possible.”

In September, CoinBase established new protocols for faster listings of new digital assets. Anyone who wanted to submit their token for listing would use a new form, which the exchange team is required to review to ensure it follows the current regulatory framework.

Over-the-counter (OTC) trading was started on the Coinbase platform in November. Christine Sandler, Coinbase’s head of sales, believes that this opportunity will eventually be a combined service with Coinbase Custody, which was launched in July as a custodian tool for institutional investors.

To improve their crypto payment speed, PayPal initiated a patent in March with the U.S. Patent and Trademark Office. The “Expedited Virtual Currency Transaction System” would include the use of private keys to reduce wait times.

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