Coinbase, the leading US cryptocurrency platform, announced on Friday, December 14th that its US users now have the opportunity to instantly convert Bitcoins from other cryptocurrencies into Fiat for free with withdrawals to the global PayPal wallets.
Options for buying Bitcoin and other cryptocurrencies via PayPal, at least at this stage, are not provided.
Starting today, all Coinbase customers can instantly withdraw cash balances to paypal for no fee.
It's Day 5 of 12 Days of Coinbase. Learn more here: https://t.co/tfYVzgJjxc pic.twitter.com/EFHn8LFPTs
– Coinbase (@coinbase) December 14, 2018
Coinbase was previously integrated with PayPal, adding this withdrawal method for the first time in June 2016 . Last year due to technical difficulties the service was turned off.
As Colenbase product manager Allen Osgood noted in the company's blog, until today, users from the United States needed to have either a federal bank account or to be connected to the Chamber of Automated Payments (ACH) network to withdraw funds. These traditional financial networks, however, are extremely slow: the process of withdrawing funds can take up to two business days.
According to him, the Californian company has always sought not only to meet the level of traditional finance, but also to raise the bar higher, and PayPal with its speed and reliability allows it to be realized.
Coinbase also claims that in 2019 the possibility of withdrawing funds using this payment system will be available to users from other countries.
Today's announcement was made as part of a 12-day holiday promotion, in which the company presents new products and services every day. So, on the first day, Coinbase announced the expansion of a partnership with a London-based startup WeGift, thanks to which its US users will be able to buy gift certificates from dozens of retailers, including Uber, Nike and Gap.
In addition, the company made a donation of $ 10,000 ZEC through the GiveCrypto platform in support of those in need in Venezuela, and also added the ability to customize the user account
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