Coinbase Revamps PayPal Withdrawals for US Crypto Users

Coinbase customers in the U.S. can now make withdrawals into their PayPal accounts.

By Nikhilesh De

Dec 14, 2018 at 9:40 p.m. UTC

Updated Sep 13, 2021 at 8:40 a.m. UTC

shutterstock_1214267053 — (Shutterstock)

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Nikhilesh De

Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

Secure Your Seat

Coinbase customers in the U.S. can now make withdrawals into their PayPal accounts.

According to a blog post

, U.S. customers can withdraw their Coinbase balances to PayPal immediately and without any fees. The new arrangement allows customers to quickly convert their cryptocurrency holdings to cash, wrote Allen Osgood, who works on product at the exchange.

Coinbase announced it was bringing back a PayPal integration last month, noting that customers will only be able to make withdrawals using PayPal. Users won't be able to buy cryptocurrencies via PayPal.

The exchange previously had a PayPal integration, but the company ceased offering the service due to technical issues earlier this year.

A spokesperson for the exchange told CoinDesk that "there is new functionality that was improved from the prior one," adding:

"There is new technical work to make this possible, and that was done in conjunction with PayPal."

On Friday, Osgood wrote that the partnership provides Coinbase customers an alternative to the traditional federal wire or automated clearing house (ACH) network that they were previously required to use.

He added:

"These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that."

The service is only available to U.S. customers for now, a Coinbase spokesperson confirmed to CoinDesk. Support for PayPal withdrawals in other nations will continue to be added across 2019, Osgood wrote on Friday.

Coinbase image via Shutterstock

Read more about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Nikhilesh De

Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.