Coinbase Adds Zero-Fee Cryptocurrency Withdrawals and Sells Through PayPal 🚨 This article is 5 years old...
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Coinbase Adds Zero-Fee Cryptocurrency Withdrawals and Sells Through PayPal
1 min read
Updated: Nov. 7, 2019 at 5:59 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In a discreet addition to Coinbase, the company has integrated PayPal for crypto to fiat withdrawals and sells. Coinbase customers can now use the feature to withdraw fiat directly into a PayPal account.
In another customer-focused move, Coinbase has added a new layer of functionality to its service: PayPal support. The new feature makes cashing-out on Coinbase easier than before, removing the need to use a traditional bank. This feature does require users to verify their identity and country of residence.
However, the new option is not available everywhere. According to Coinbase FAQ, the service is only available in select countries. CryptoSlate reached out to Coinbase hoping to clarify which countries, Coinbase support had the following to say:
“Currently, PayPal is supported only in the US.”
Ramifications
The added ease of selling cryptocurrency will likely contribute to greater consumer ease in the day-to-day use of cryptocurrency. Having reliable exchanges that offer trustworthy crypto to fiat services is critical to adoption.
That said, there are some concerns over the new feature as well. The additional layers of regulation, control, and personal disclosure counter some of the libertarian ethos of cryptocurrency. There are still purists who argue that the use of crypto must remain laissez-faire, without the interference of corporations such as Coinbase.
Nonetheless, strides in making the user experience easier for cryptocurrency will accelerate its adoption into the mainstream.
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Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.