In this edition of The Daily, Coinbase customers in certain regions can now link their Paypal accounts to withdraw fiat and sell cryptocurrencies. Also, Russia’s third-largest bank is working to launch a digital asset management service in Switzerland, and Koinex, India’s leading crypto exchange, has set up a new development center in Bengaluru, the country’s IT hub.
Coinbase Offers Paypal as Withdrawal Option
Leading U.S. cryptocurrency exchange Coinbase has added support for Paypal as a payment method for withdrawals, allowing users to directly transfer fiat funds into their Paypal accounts. The availability of the withdrawal option is dependent on an individual’s country of residence.
An announcement published on its website detailed that Coinbase has introduced the ability for customers to link their Paypal and Coinbase accounts. Once implemented, Coinbase customers will able to either withdraw fiat currencies to Paypal, or sell their cryptocurrencies and use the Paypal account to receive the fiat money.
To take advantage of the service, users need to ensure they have completed all identity verification steps on Coinbase and that their listed country is correct. Then they will have to go to ‘Settings’ and click “Link a New Account” if using the desktop platform, or “Add a Payment Method” in the mobile app.
After selecting Paypal, they will be prompted to log in to their Paypal account. Currently, Coinbase customers in supported regions can only use Paypal to withdraw fiat or sell cryptocurrency. Purchases of digital assets with Paypal are not available yet.
Gazprombank Ventures Into Digital Asset Management
Gazprombank (Switzerland) Ltd., the Swiss subsidiary of the Russian state-owned Gazprombank,