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Coinbase customers in the United States can now withdraw into their PayPal accounts.
According to a blog post, US customers can withdraw their Coinbase balances on PayPal immediately and without commissions. The new agreement allows customers to quickly convert their holdings into cash cryptocurrency, wrote Allen Osgood, who works on the product on the stock exchange.
Coinbase announced that it would postpone integration with PayPal last month, noting that customers will only be able to withdraw from PayPal. Users will not be able to purchase cryptocurrencies via PayPal.
The exchange previously had an integration with PayPal, but at the outset the company ceased to offer the service due to technical problems.
A spokesman for the exchange told CoinDesk that "there is a new feature improved compared to the previous one", adding:
"There's a new technical job to make this possible, and this was done in collaboration with PayPal."
On Friday, Osgood wrote that the partnership provides Coinbase customers with an alternative to the traditional federal network or the clearing house network (ACH) that was previously required for use.
He added:
"These traditional financial networks can add up to two business days for collection.We are always looking for ways to not only satisfy the bar set by traditional finance, but raise it.That's why we rebuilt our integration to ensure that speed and 39, reliability of withdrawals made with PayPal do just that. "
For now the service is only available to US customers, a Coinbase spokesperson has confirmed to CoinDesk. Support for PayPal withdrawals in other countries will continue to be added in 2019, writes Osgood on Friday.
Coinbase image via Shutterstock
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