Coinbase is one of the most popular exchanges for crypto and keeps popping up with new surprises for customers! The latest is the ability to cash out your crypto same day into fiat via PayPal. Up until now, cash outs through Coinbase could take a couple days to land in your bank account. That depends on the bank you use and their rules and regulations.
The announcement made by Coinbase didn’t receive as much fanfare as previous announcements, so is this worth it to the crypto community?
One major benefit is that withdrawals into PayPal won’t have any additional fees!
From the Coinbase FAQ Page:
“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.”
Who Is Eligible?
Coinbase customers that have filled out the “Know Your Customer” process and have gotten an email stating eligibility can transfer crypto or cash using PayPal. PayPal withdrawals can be done in US dollars, UK pounds, or Euros. Right now, Coinbase customers in the UK, US, Canada, and the EU are eligible for this service but, hopefully, changes are coming soon!
Coinbase FAQ gives mention that they plan on offering support for the Canadian and Australian dollar soon.
Not the First Time
Coinbase offered PayPal withdrawals last year but the service was suspended and then taken away after the company cited “performance issues.” Will it last this time or will it be taken away again? Would you trust the system? What were the performance issues and have they been fixed?
I may try to cash some out just to see if it works but it will only be a small amount in the event I lose my money.
PayPal Info
Stats from 2017 for PayPal show that they had more than 244 million customers and the company managed 7.6 billion payment transactions. This could be a great boon for Coinbase and a beneficial partnership that may help with mass adoption of crypto. And who doesn’t want mass adoption of crypto?
Some crypto supporters that have already tried the PayPayl withdrawals through Coinbase have said that it takes average of 13 days to actually get your money into your account. Others have claimed that the service for withdrawal through PayPal doesn’t work at all for them even though they live in countries that are supposed to be supported.
Personally, I would wait to see if all of the bugs get worked out before trying it out and then only choose to withdrawal a small amount of money to try it out to see if it works. When it comes to money, I don’t mess around and I’m careful to keep what’s mine. I think everyone should keep good track of their money and of their investments because who else is going to take care of you but you?
Is the Coinbase/PayPal worth it to the crypto community? Right now, its hard to say but if it works it will be!
What are your thoughts?