Coinbase doesn’t need any introduction being the largest crypto exchange platform and wallet provider in the United States. The exchange is all set to enrich its service with yet another update.
Coinbase is extending its support to the online payment system PayPal for European Union residents. With this move, the exchange is offering its EU userbase smooth fiat currency withdrawals. The announcement was made by The company’s blog post. It adds that the service is also available for European Free Trade Association (EFTA) countries residents meaning Iceland, Liechtenstein, Norway, and Switzerland. Last month, the US residents were benefited with the similar service offering by Coinbase.
In the announcement, it explains that until the PayPal option by Coinbase came up, the users had to depend on SEPA wire transfers method to withdraw any fiat funds from Coinbase. Additionally, the United Kingdom users are having access to the country’s Faster Payments Scheme (FPS), as the exchange had opened a UK bank account. This had enabled them to withdraw from Coinbase without the hassle of converting their money into euros and then back into pounds. In 2016, Coinbase firstly integrated support for PayPal. But, due to technical issues, they required to stop the service.
Moreover, PayPal has been optimistic about crypto space and it already shares many business relationships with crypto space. recently, PayPal’s co-founder Luke Nosek revealed that the payments company’s initial intention was similar to those of cryptocurrencies. He noted,
“Many people don’t know this, but the mission of PayPal was to create a global currency that was independent of interference by theses, you know, corrupt cartels of banks and governments that were debasing their currencies. We succeeded at building something that was economically very powerful, enabled by many small businesses, and we’re super proud of it, but we never achieved the mission.”
PayPal’s CFO John Rainey also shares similar insights with Nosek regarding cryptocurrency. However, the payment giant’s another co-founder Max Levchin doesn’t share the same idea.
Currently, Coinbase is actively looking to include support for varied crypto assets, along with fiat gateways. A few months ago, the exchange platform introduced over-the-counter (OTC) trading for institutional investors.