Coinbase allows the withdrawal of money via PayPal to its European users!
Coinbase, the North American cryptocurrency exchange, will allow its users in the European Union to make cash withdrawals via PayPal.
This was announced by Coinbase on February 5, 2019 on their official blog:
“Last year, we announced support for PayPal in the United States, and we are currently expanding this support for PayPal withdrawals to all US customers and countries of the European Free Trade Union (Iceland, Liechtenstein, Norway and Switzerland, …)”.
Coinbase had previously integrated the use of PayPal in 2016, but had ended the service after several weeks due to technical difficulties.
Thus, European users can withdraw their funds from Coinbase only by bank transfer to date.
In addition, the crypto exchange believes that “among the simplest and most widely used payment platforms in the world”, the addition of PayPal as a withdrawal option for European customers is a great relief for its customers. users.
(Crypto.com (Ex Monaco Card) has recruited a former PayPal executive for his experience in payments)
However, PayPal has always had a complex relationship with cryptocurrencies.
In fact, the co-founder of the payment platform, Luke Nosek, recently said: “Many people do not know, but the initial mission of PayPal was to create a world currency independent of the interference of these, cartels corrupt banks and governments that degraded their currencies.
So maybe the company considers crypto-currencies as a competition for its business.
However, some users criticize this platform for closing the right activist accounts.
In December 2018, PayPal launched a blockchain-based reward system for its employees to encourage participation in innovation-related programs.
The company also filed a patent in the United States last year to increase the speed of payments by cryptocurrency.
This is good news for users of Coinbase who want to get their funds directly on Paypal.
The future will tell whether Paypal will create its own cryptocurrency or miss the train as it often happens with old companies that are technologically out of reach of newcomers in their market.
Like Facebook, Paypal is already a dinosaur, its huge size certainly prevents it from being innovative and fast but it could very well buy a Blockchain startup to catch things up.
That’s what Facebook just did by buying back ChainSpace: https://bitcoincryptoadvice.com/facebook-acquires-its-first-blockchain-startup