Cryptocurrency exchange Coinbase has discreetly added Paypal for fiat withdrawals. Now customers using the platform will be able to directly transfer their fiat into their PayPal accounts.
What makes this interesting is, the cryptocurrency exchange introduced this feature without any form of prior intimation. According to a news portal The Bitcoin News, the new feature makes Fiat payouts at Coinbase easier than before, so you no longer need to use a traditional bank, but can conveniently and easily transfer directly to your PayPal account (Fiat payouts). However, to use this feature, the user must disclose his identity and country of residence and wait for Coinbase to verify. However, the PayPal feature is not widely available, because according to the Coinbase FAQ, the service will initially only be available in selected countries that are not yet known.
The portal noted that the integration will make it easier and more convenient for the customer to pay out fiat money in connection with crypto-trading, “which will increase the user-friendliness”. A reliable exchange that provides trusted crypto-to-fiat services is critical to its widespread acceptance.
Earlier, in a similar silent move, the exchange had launched a new OTC trading desk for institutional clients. The launch during the bear phase says a lot about how big players feel about the ongoing slump, as earlier reported by Crypto-News India.
At the time, Coinbase Head of Sales Christine Sandler had emphasized on the need for the move. Sandler had further said, “We launched our OTC business as a complement to our exchange business because we found a lot of institutions were using OTC as an on-ramp for crypto trading.”
However, coming back to Paypal integration, users are advised to know that the integration is applicable only for withdrawals and not for deposits.
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