Crypto exchange Coinbase enables PayPal withdrawals for US customers

Cryptocurrency exchange Coinbase has announced that it has enabled instant withdrawal of Coinbase balances to PayPal for U.S.-based customers.

Previously, U.S. customers needed an ACH or Federal Wire account to withdraw funds, which can add up to two business days to a withdrawal.

In an online post dated December 15, Coinbase announced:

“Starting today, U.S. customers can 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.”

Coinbase previously had a PayPal integration, which it discontinued due to technical issues earlier this year, CoinDesk reported. In November, it announced that it would once again enable PayPal integration saying:

“Customers are only able to use PayPal to withdraw or sell, and transaction availability depends on region. Coinbase does not support the ability to purchase digital currency using your PayPal account.”

A Coinbase spokesperson told CoinDesk that “there is new functionality that was improved from the prior one,” adding, “There is new technical work to make this possible, and that was done in conjunction with PayPal.”