The cryptocurrency exchange, Coinbase has been making some sneaky moves recently after they launched their Over The Counter trading desk for institutional clients without any big reveal either. The exchange stealthily added free PayPal withdrawal facilities for its users.
The update by Coinbase was all hush-hush but now users can withdraw their funds in fiat currencies, straight to their PayPal accounts. This new feature is free for all users to use. The exchange didn’t make a big deal out of this new update though since it wasn’t announced on Twitter or through their blog on Medium. Users which this will apply to have been sent emails though regarding the new feature and they have set up a PayPal FAQ page on their website.
One of the questions was, if you could buy cryptocurrency or deposit fiat using PayPal to which it says on the website:
“Currently, customers are only able to use PayPal to withdraw or sell, and transaction availability depends on region. Coinbase does not support the ability to purchase digital currency using your PayPal account.”
Perhaps one of the reasons, the update was kept quiet was because it is only available to a select number of users in the United Kingdom, United States, European Union and Canada. Local wallet services are only available for USD, EUR, and GBP users. With this, the move suggests that AUD and CAD might be added to the wallet soon. For users in Australia and Canada, they haven’t been given the ability to withdraw into the PayPal accounts directly but they will still be able to sell their digital assets.
Before they will start to use the options 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, this means that users can only withdraw to their PayPal accounts but cannot make deposits to Coinbase from it.
The exchange didn’t make any announcement regarding when they would accept PayPal deposits. With this, the option is currently out of the picture.
What are your thoughts? Will you be making the most out of this feature? Let us know what you think down below in the comments!