Crypto exchange Coinbase has enabled its US-based customers to withdraw Coinbase cash balances into their PayPal accounts immediately and without any fees.
Previously, US consumers could withdraw funds only through a bank account in the ACH or Federal Wire system that was time consuming.
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“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,” Coinbase said in a blog post.
Plans are on to roll out the service in more nations next year.
“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 realising that vision, allowing you to smoothly and instantly transfer your funds to cash,” the crypto exchange noted.
The latest move comes shortly after Coinbase’s $300m fundraising in a Series E equity funding round.
The funding round was led by Tiger Global Management, who was joined by Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain.
