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Coinbase: BTC Withdrawals to PayPal for EU Nations

Reading Time: 2 minutes by on February 7, 2019 Bitcoin, Business, Finance
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On February 5, Cryptocurrency exchange Coinbase announced that it was extending support for PayPal withdrawals to all their customers in the European Union as well as European Free Trade Association countries. The latter would include countries such as Iceland, Norway, Switzerland and Liechtenstein.

PayPal Withdrawals in the UK

The news comes as shortly after the exchange announced a similar move in the United States last year. A blog post penned by Coinbase employee Allen Osgood, detailed the announcement, he writes:

“Before PayPal, SEPA and UK Faster Payments were the only options for European customers to withdraw funds. Part of our commitment to being the safest and easiest is to support the preferred transfer options for our customers around the world. As one of the world’s easiest and most widely-used payment platforms, adding PayPal as a withdrawal option for European customers offers another great option for withdrawing their funds.”

Coinbase has always been a forward-thinking cryptocurrency exchange in terms of offering services such as Coinbase custody and tax payment resources.

Coinbase Wallet App

On February 5, 2019, the cryptocurrency exchange announced that it would be launching its own Coinbase Wallet app, where users would be able to store their bitcoin.

Coinbase said that the wallet supports Ethereum Classic, Ethereum and “over 100,000 different ERC20 tokens and ERC721 collectibles built on Ethereum.” The announcement further stated that the wallet app would be available to all customers on both the Android and iOS sometime next week.

The announcement added that while Bitcoin support is already present on the app, all that users would be required to do is tap on the ‘receive’ option on the wallet and select bitcoin to send bitcoin to their own Coinbase wallet.

Interestingly, the wallet supports both “SegWit addresses with lower transaction fees, as well as Legacy addresses for backwards compatibility”. For the uninitiated, a Legacy address is the standard bitcoin address that begins with 1.

While, the news about Coinbase supporting PayPal is exciting, it is unclear how this will affect the country which is currently involved in finalizing terms for Brexit.

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