Recently, Coinbase has been making pretty important moves in the industry even if they haven’t been necessarily blowing the whistle whenever they had an achievement or implemented a change.
After they launched the OTC trading desk for institutional customers without making a fuss out of the announcement, the exchange has now quietly added free PayPal facilities for customers.
This quiet update lets users withdraw their funds in fiat currencies to their PayPal accounts.
This new feature is provided to customers for free. Coinbase hasn’t made an official announcement on their Medium or Twitter channels.
On the other hand, all eligible users have received emails regarding it, and they have set up a PayPal FAQ page on the official website where users can learn more about all of this.
The option is available only to a small number of users in the US, EU, and Canada.
Local wallet services are available only for USD, EUR, and GBP users but it seems that AUD or CAD may also be added to the wallets soon.
Australian and Canadian users cannot withdraw straight to their PayPal accounts but they can directly sell their crypto to AUD or CAD, and this is an important move because this feature was not available in the region before.
Identity check required
Another essential thing worth mentioning is that before they can use the feature, users have to complete all ID verification steps and they must receive an email that’s confirming that such an option has been made available to them.
Moving the funds is unidirectional and this means that users are only able to withdraw to their PayPal account and not vice-versa.
Coinbase hasn’t announced when PayPal deposits to the exchange would get accepted, and the options don’t seem to be in the cards for the moment