One of the most reputed Cryptocurrency exchange Coinbase has quietly enabled PayPal support. This sudden move allows free PayPal withdrawals for a variety of fiat currencies, including USD, EUR and GBP. 2 months back Coinbase came under my review on their deal allowing users to Pay at Uber , Google & Appl through WeGift, today is another step in the right direction.
If you keep an eye for crypto events , you must be aware that Coinbase introduced PayPal integration last year but later closed it due to poor performance. This time Coinbase went ahead and silently enabled PayPal withdrawals by adding a small “Announcement” in their PayPal FAQs. Coinbase might not be certain as of now if they will continue with the PayPal integration but lets hope it stays included.
Coinbase to PayPal Buying / Withdrawal Details
According to Coinbase , as of now you can not buy Cryptocurrency through your PayPal account but can withdraw, even directly to fiat.
Currently, customers are only able to use PayPal to withdraw or sell, and transaction availability depends on region. Coinbase does not support the ability to buy digital currency using your PayPal account.
PayPal supported Region & Transactions for Coinbase
*Withdraw refers to a direct Fiat movement from a Fiat Wallet to an external source
*Sell refers to an indirect Fiat movement from a Crypto Wallet to Fiat then to an external source
The option for charge free withdrawals is only availed by a handful of regions, like US, UK, EU, and Canada. As of now, Coinbase provides wallets for USD, GBP, and EUR, but this addition may indicate inclusion of CAD and AUD wallets.
Meanwhile, the users in Canada and Australia do not have access to withdrawal through PayPal but are provided with the option to sell their digital assets to CAD or AUD respectively. However, this option is exclusive only to the users of Canada and Australia and not for any other region.
How to Link PayPal with your Coinbase account
This feature by Coinbase is being rolled out gradually and this feature is not yet available for all regions. As soon as it’s ready, you’ll receive an email with instructions on how to link your PayPal account. You will need to complete all identity verification in your Coinbase account and only then you will get the above mentioned email. If you have misplaced the email instructions you can follow the steps below on how you can connect your PayPal account with your Coinbase :
- Log into Coinbase and click on Settings > Linked Accounts > Link a New Account
- Mobile: Settings > Add a Payment Method
- Choose PayPal and you’ll be prompted to log in to PayPal
- That is all
Coinbase has not made any official announcement on their inclusion of PayPal on their social media platforms just one announcement on their PayPal FAQ which I shared at the start of the document.
What do you think of this step by Coinbase to include PayPal again after pulling the plug once in the past? Share your thoughts !!!