Coinbase — the largest US-based cryptocurrency exchange — partnered with payments platform PayPal to enable instant, free crypto-to-cash withdrawals for US customers.
This means customers can now move the crypto balances in their Coinbase accounts to their PayPal accounts immediately, at no charge.
“These withdrawals are not only fast; they’re free and incur no fees,” project manager Allen Osgood wrote on Coinbase’s blog. “Now, moving your cryptocurrency to cash is easier and more affordable than ever.”
Facilitating an ‘Open Financial System’
Before, you needed an ACH (automated clearing house) or federal wire account to withdraw funds from your Coinbase account. And it could take up to two business days for the transaction to clear.
With the new Coinbase/PayPal service, you can now move your funds instantly, for free.
Here’s the two-step process:
- Sign in to Coinbase and link your PayPal account to your Coinbase account.
- Select your PayPal account as a payment option when withdrawing your cash balance to move your funds instantly.
Allen Osgood said Coinbase launched the service in response to customer demands for an “open financial system.”
“We believe that means more than just owning cryptocurrency ,” he explained. ” It means having the flexibility to use it how and when you want. This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash.”
While the service is currently only available in the United States, Coinbase plans to roll it out in more countries in 2019.
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