Coinbase announced on Friday it is now allowing instant PayPal withdrawals for all U.S. customers. The company reported that U.S. customers can instantly withdraw Coinbase balances to PayPal, which will provide what Coinbase calls even faster access to their funds. These withdrawals are free and incur no fees.
“PayPal offers U.S. customers an alternative. Before today, you needed an ACH or Federal Wire account to withdraw funds. These traditional finance networks can add up to two business days to a withdrawal. We’re always looking for ways to not only meet the bar set by traditional finance, but raise it. That’s why we rebuilt our integration to ensure that the speed and reliability of PayPal withdrawals does just that.”
Coinbase then reported that its customers have been clear in wanting to be a part of the “open financial system.” The company then added:
“We believe that means more than just owning cryptocurrency — it means having the flexibility to use it how and when you want. This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash.”