Coinbase Reinstates PayPal Withdrawals for U.S. Customers

One of US biggest exchange Coinbase has just announced a new innovation that will thrill many of its users. According to the company, customers in the United States will now be able to withdraw funds directly to their PayPal account. Although, the exchange previously had a PayPal integration, the company had earlier stopped the services citing technical challenges this year.

With this new integration, customers can now withdraw their Coinbase balance into their PayPal account immediately. And the best part is that this service comes at no extra cost as customers are not required to pay any fee. That’s not all, this new development now means that customers can now quickly convert their cryptocurrency holdings to fiat whenever they desire.

It would be recalled that Coinbase announced last month that it would be bringing back Paypal integration. However,while customers can withdraw their coinbase balance directly to their PayPal account, they wouldn’t be able to buy cryptocurrencies using PayPal.

Speaking on the development, a spokesperson for Coinbase stated that

“there is new functionality that was improved from the prior one,” adding:

“There is new technical work to make this possible, and that was done in conjunction with PayPal.”

Announcing the new integration on Friday, Osgood stated that the partnership between Coinbase and PayPal will provide its customers with an alternative to the traditional federal wire or automated clearing house (ACH) network they have been using for some time now.

He further added that:

“These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”

For now, this new service is only available to customers in the United States. Nevertheless, Osgood remarked that Coinbase would continue to add support for PayPal withdrawals in other countries in 2019.