Coinbase, the largest U.S. cryptocurrency exchange, is reportedly allowing withdrawals to PayPal with no fees.
San Francisco-based Coinbase is the largest cryptocurrency exchange in the United States, and it appears that it is looking to increase its influence. Reports have surfaced that users in various countries can make withdrawals from their exchange account to PayPal for free.
Coinbase Linking to PayPal
Users of the exchange could link their account to PayPal by going through an identity verification process. However, withdrawing funds to one’s PayPal account was not free.
Yet that appears to be changing. Reports have surfaced that users are receiving an email from the exchange stating that such withdrawals will now be free. It appears that this new function is only available in specific regions, such as the United States, European Union, United Kingdom, and Canada.
It is also being reported that customers need to have received the email to enjoy the free withdrawals. No official announcement has been made by Coinbase as of yet. The email reportedly says:
Starting today, you can link your PayPal and Coinbase accounts for faster withdrawals.
There is no fee to withdraw funds to PayPal. To enable withdrawals, add PayPal as a linked account in Settings.
Coinbase Staying Busy
The crypto exchange has been a busy hive of activity lately. Back in October, they opened a new office in Dublin in order to expand their operation into the European market.
They also received approval from the New York State Department of Financial Services (DFS) to allow Coinbase Custody to operate as a limited purpose trust company within the state.
The exchange has also added a number of coins recently. October saw ZRX and the Circle-backed USDT stablecoin added. November saw the Basic Attention Token (BAT) and Zcash brought onboard Coinbase Pro.
Finally, the company says that they have no plans to launch an IPO. COO Asiff Hirji says:
We [Coinbase] were approached by some very high-quality investors earlier this year who have a very constructive thesis on crypto, and they wanted to invest in what they thought was the best name in the space. When that opportunity presents itself, you take it seriously.
The company recently enjoyed a $300 million funding round and claims a total valuation of $8 billion.
Did you get the email for free withdrawals to PayPal? Let us know in the comments below.
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