California-based cryptocurrency exchange Coinbase enables free PayPal withdrawals for a variety of fiat currencies, including USD, EUR, and GBP.
According to a somewhat hidden update on the Coinbase website, as of November 2018, users will be able to withdraw three different fiat currencies free of charge to their PayPal account.
At the time of this writing, Coinbase has not provided an official announcement on its website or social media but has distributed mass e-mails to eligible users.
The option is currently only available in a handful of regions, including the US, EU, UK, and Canada. As of yet, Coinbase only provides local wallets for USD, EUR, and GBP, but the move may indicate that CAD and AUD wallets are on the horizon.
Currently, users in Canada and Australia are unable to withdraw directly to PayPal but are instead provided the option to directly sell their digital assets to CAD or AUD respectively — an option unavailable for the other supported regions.
To enable the option, users are required to complete all identity verification steps and must have received an e-mail confirming the option is available to them.
Right now, the move is unidirectional, with only withdrawals being facilitated. The exchange has not made any further announcements indicating PayPal deposits will be accepted any time soon, dampening any hopes of purchasing cryptocurrency with PayPal.
The update comes shortly after Coinbase announced its plans for global expansion following its recent $300 million Series-E funding round and the addition of the new stable coin Circle to its exchange lineup.
How do you think this update will affect the market? Is Coinbase beginning to feel the pressure from the smaller exchanges that have offered PayPal withdrawals for years? Let us know your thoughts in the comments!