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Coinbase Launches Free PayPal Withdrawals for Fiat Currencies

by Seth Mek on December 04, 2018

Coinbase has been introducing “micro-updates” as of late without major announcements. Having already launched its OTC trading desk for institutional customers, the exchange has now stealthily added free PayPal withdrawals for fiat currencies, currently limited to USD, EUR and GBP.

The reticent update now allows users to withdraw funds in fiat currencies to their PayPal accounts. The feature is offered to users free of charge. Coinbase did not make any announcements via their Twitter or Medium blog post regarding the matter. It did however, send eligible users emails with additional information and even set up a PayPal FAQ on their website.

The option itself is available only to a handful of users based in the US, European Union, UK, and Canada. Local wallet services are available only for USD, EUR, and GBP users. However, this move indicates, that AUD or CAD may also be added to the wallets soon. Users in Australia and Canada have not been provided the facility to withdraw directly to their PayPal accounts. However, they can directly sell their digital assets to AUD or CAD, which was previously not available in these regions.

Before they start using the facility, users have to complete all identity verification steps and must receive an email confirming that such an option is available to them. The movement of funds is currently unidirectional, which means that users can only withdraw to their PayPal accounts but cannot make deposits to Coinbase from it, at least yet.

The exchange did not make any announcements regarding the time at which PayPal deposits would be accepted. Therefore, the option currently appears out of the picture.

Although this move doesn’t necessarily make waves as far as adoption goes, it does give investors a more QoL (Quality of Life) update which is much less complicated then cashing out via Coinbase. Fees are currently free on Coinbase’s end, but it’s unknown whether or not PayPal will take a percentage depending on what you plan to do with the fiat once it’s in your balance. From personal experience, getting fiat from my PayPal to my bank is much less monotonous than it is on CB’s current platform. All in all, a nice little feature to ease the life of users.

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