On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal

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by Teuta Franjkovic · 4 min read
On 5th Day of Christmas Coinbase Gave to U.S. Customers Free Instant Withdrawals to PayPal
Photo: Coinbase / Twitter

Coinbase launched its new 12 Days of Coinbase initiative and is already publishing new features and services every day at midday from 10th to 21st December.

On December 10th, the crypto exchange started with publishig on its website the first announcement dedicated to the WeGift platform.

Not only that, thanks to the 12 Days of Coinbase initiative, the trading platform, with an estimated turnover of 1.3 billion dollars, aims to transform any scepticism related to the adoption of crypto in the physical world from impossible to possible.

In addition, these temporary collaborations, which include new services on the platform during the holiday period, offer the opportunity to directly test the response that their pool of users, which is around 20 million users, will have to the various initiatives proposed.

For the 5th day of Christmas, Coinbase decided to greet it’s U.S. customers withthe possibility to instantly withdraw Coinbase balances to PayPal, providing even faster access to their funds through one of the world’s easiest and most widely-used payment platforms. These withdrawals are not only fast; they’re free and incur no fees. We work hard to make Coinbase the easiest and most trusted platform around — and now, moving your cryptocurrency to cash is easier and more affordable than ever.

PayPal offers U.S. customers an alternative. Before today, you needed an ACH or Federal Wire account to withdraw funds. These traditional finance networks can add up to two business days to a withdrawal.

Allen Osgood, a project manager at Coinbase says that they are 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.”

To get started, simply 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.

Osgood added:

“Coinbase customers have been clear: you want to be a part of the open financial system. We believe that means more than just owning cryptocurrency — 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.”

However, Coinbase announced that support for PayPal will be rolling out across more countries in 2019, so stay tuned.

Coinbase Extremely Busy In 2018

Just for a reminder, on Thursday (December 13th), Coinbase announced a new “Watchlist” feature that allows you to customize your dashboard; clicking on the star icon on any asset page will add essential price information about that asset to a new “Following” tab.

On the “first day of Christmas”, Coinbase announced that users could buy gift cards so that family and friends could get some Uber, Adidas, and Nike surprises through its U-gift program.

The second day was more in the Christmas spirit. Coinbase used it as an opportunity to help those in need and support GiveCrypto.org’s pioneering work. The $10,000 ZEC donation shall support GiveCrypto.org’s project in Venezuela. With that, recipients will be able to purchase food and basic supplies at a local store that accepts payments in crypto, subsidizing everyday expenses.

For the “third day of Christmas”, Coinbase made a video in which they tried to explain their mission and their vision about how cryptocurrencies can change the global economy and why is that important.

PayPal Launching Blockchain-Based Token System for It’s Employees

Paypal, an online payment system platform has mostly avoided Bitcoin implementation till now. But, recently it has rolled out an internal employee incentive program that is based on Blockchain technology.

An employee wishing to spend the tokens on something could buy “experiences” like a morning run with the CFO or borrowing the head of investor relations’ dog for a day.

The platform follows on from a patent application filed by the firm around an expedited virtual currency transaction system, which was disclosed to the public for the first time earlier this year.

The fact that Coinbase has added PayPal withdrawal feature can be a reason to expect the launch of PayPal deposits, especially in the context of Coinbase’s efforts to add new services on a regular basis.

By the way, it is not the first attempt of Coinbase to integrate PayPal services to its exchange. PayPal withdrawals were available last year. Nevertheless, the platform was obliged to eliminate this option due to some performance issues.

Though it is only the early December, we can already say that 2018 has been extremely busy for Coinbase which has made a lot of headlines this year.

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