Recently Coinbase has been making some stealth-like moves in the industry. After launching its OTC trading desk for institutional customers without a big announcement, the exchange has now quietly added free PayPal withdrawal facilities for its users.
Coinbase Goes for a Quiet Update
The quiet update of the Coinbase platform now allows users to withdraw their funds in fiat currencies to their PayPal accounts. The feature is provided to the users free of charge. Coinbase did not make any major announcements on this via their Medium blog or Twitter accounts. However, eligible users have been sent emails regarding the same, and they have set up a PayPal FAQ page on their website.
The option itself is available only to a handful of users based in the US, European Union, UK, and Canada. Local wallet services are available only for USD, EUR, and GBP users. However, this move indicates, that AUD or CAD may also be added to the wallets soon. Users in Australia and Canada have not been provided the facility to withdraw directly to their PayPal accounts. However, they can directly sell their digital assets to AUD or CAD, which was previously not available in these regions.
Identity Verification Is Compulsory
Before they start using the facility, users have to complete all identity verification steps and must receive an email confirming that such an option is available to them. The movement of funds is currently unidirectional, which means that users can only withdraw to their PayPal accounts but cannot make deposits to Coinbase from it.
The exchange did not make any announcements regarding the time at which PayPal deposits would be accepted. Therefore, the option currently appears out of the picture.