PayPal is now supported or integrated at Coinbase to mean customers from just a few select countries can now sell cryptocurrency for fiat at Coinbase and withdrawal the fiat directly to their PayPal accounts, as an alternative to other methods such as bank and wire transfers.
The countries in question include US, European Union, UK, and Canada. Local wallet services are available only for USD, EUR, and GBP users while users located in Australia and Canada cannot withdraw directly to PayPal but can sell their digital assets directly to AUD or CAD -- this feature was not available previously in Australia and Canada.
The move, which comes after the cryptocurrency trading platform launched OTC trading, started in November according to their blog. Coinbase has sent customers emails to that regard. However, it is not currently possible to deposit fiat into Coinbase from PayPal. Customers using the new feature will also need to verify their identity, accounts, and locations, etc. Those who submit the verification can then wait for Coinbase to verify their accounts.
Further, the PayPal feature is free of charge. Of course, it is not the first time Coinbase is supporting PayPal -- the feature was under testing in beta for U.S. clients as early as 2016 though may have been discontinued later.
Coinbase, which also recently opened a new office in Dublin to expand into European market and received an approval for Custody services from the New York State Department of Financial Services (DFS), does support other payment methods including Bank account to where they can withdrawal fiat from Coinbase and from which they can deposit fiat to Coinbase. Customers can also buy and sell their crypto through this option. That would take 4-5 business days to complete.
Debit cards are only allowed for instant buying where a customer can use the account to buy crypto at Coinbase. The platform also supports deposits and withdrawals on wire transfer with the transactions taking 1-3 business days.🔥105 Views