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Coinbase – the largest cryptocurrency exchange based in the United States – has partnered with the PayPal payment platform to enable instant, free and encrypted withdrawals for US customers.
This means that customers can now transfer the encrypted balances in their Coinbase accounts to their PayPal accounts immediately, at no cost.
"These withdrawals are not just fast, they are free and they do not pay taxes," wrote project manager Allen Osgood on the Coinbase blog. "Now moving your cryptocurrency into cash is easier and more accessible than ever."
Facilitating an "open financial system"
Previously, an ACH (automated clearing house) or federal account was required to withdraw funds from your Coinbase account. And it may take up to two business days for the transaction to be canceled.
With the new Coinbase / PayPal service, you can now transfer your funds instantly, for free.
Here is the two-step procedure:
- Log in to Coinbase and link your PayPal account to your Coinbase account.
- Select your PayPal account as a payment option when you withdraw your cash balance to move your funds immediately.
Allen Osgood said that Coinbase launched the service in response to customer requests for an "open financial system".
"We believe that this means something more than simple cryptocurrency," he explained. "It means having the flexibility to use it as and when you want." This integration is a big step forward in realizing that vision, allowing you to easily and instantly transfer your funds to cash. "
While the service is currently only available in the United States, Coinbase plans to implement it in more countries in 2019.
Coinbase and Circle are making moves in DC
While bitcoin enthusiasts know Coinbase primarily as an exchange of cryptocurrencies and a brokerage giant, the company is silently doing behind-the-scenes moves to promote the adoption of the traditional crypt.
In September 2018, a pro-cryptographic pressure group was launched in Washington, DC by three of the largest cryptocurrency companies in the United States:
- Coinbase
- Circle
- Group of digital currencies.
"We've been very active with Congress, with policymakers, and it's a lot of effort," said Jeremy Allaire, Circle's co-founder, a unicorn crypto with a valuation of $ 3 billion.
The move indicates that the virtual currency sector is taking concrete measures to promote mainstream adoption by becoming power actors in the US capital. Lobbying is not sexy or fashionable, but that's how things go in politics – so it's pretty effective.
A week after the launch of the pressure group, three bills were introduced in the United States Congress, designed to support the development of crypto and blockchain, the technology behind bitcoin.
The three invoices were:
- Resolution that supports digital currencies and Blockchain technology.
- Blockchain Regulatory Certainty Act.
- Safe Harbor for Taxpayers with Forked Assets
US invoices try to protect cryptocurrency investors from market manipulation https://t.co/xeTXBHA5vZ
– CCN (@CryptoCoinsNews) December 7, 2018
Republican Congressman Tom Emmer – who is co-chairman of the Congressional Blockchain Caucus – has urged the United States to prioritize the development of the blockchain and to create an environment that allows the private sector to drive innovation.
"This is an exciting time for blockchain technology and cryptocurrencies," said Congressman Emmer. "Lawmakers should embrace emerging technologies and provide a clear regulatory framework that allows them to thrive in the United States."
Shutterstock foreground image.
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