Coinbase is one of the largest crypto exchanges in the world with more than $160 million in daily transaction volume.
A part of these transactions includes withdrawals from the platform to bank accounts or payment processors like PayPal.
Back in 2018, Coinbase rolled out an option that allows instant PayPal withdrawal capability to customers in the US, and now they have extended the functionality to Europe as well.
More rollouts are expected in various countries over the months to come.
Coinbase aims to become a leader in the industry and a move to achieve this was introducing PayPal as a payment option on the platform.
Using PayPal, users can easily deposit and withdraw their funds with transactions taking place almost instantly.
The process of withdrawing funds or capital to PayPal is not challenging at all, and there are just a few steps that have to be followed.
Guide to withdraw funds or capital to PayPal
- Integrating PayPal into Coinbase
First of all, you have to log in to your Coinbase account on your mobile or desktop device. After that, you have to click on “Settings”, go to “Linked Accounts” and “Link a New Account.”
Among the available options, you’ll see PayPal. Click on it, and you will be redirected to the PayPal official website. Enter your login details and allow Coinbase to access your account.
After you click on “Agree”, this will give Coinbase permission to credit or debit your account. You will also receive the notice that your Coinbase account has been successfully linked to PayPal.
- Withdraw and deposit into Coinbase via PayPal
After everything is set up, you can fund your Coinbase account or withdraw from it to PayPal.
In order to withdraw, all you have to do is, click the “Buy/Sell” on your Coinbase dashboard, click the “Sell” tab, you’ll see the “Sell From” and “Deposit To” sections.
The “Sell Form” shows your total balance and the “Deposit To” is where the funds that you withdraw go.
After you enter the amount that you want to withdraw to Paypal, all you have to do is click on “Confirm Sell” in order to approve the transactions, and you’re good to go.
This feature definitely sets Coinbase apart from other crypto exchanges.
How does PayPal benefit from the partnership?
Withdrawals to PayPal are free for Coinbase customers, but there’s a “hidden benefit” for PayPal in the whole arrangement, Marketrealist notes.
“The benefit for PayPal comes when Coinbase customers use the funds in their PayPal accounts to make purchases. PayPal earns a fee from merchants for facilitating payments for them,” they write.
The online publication continues and explains that “The partnership with Coinbase could also prove to be a less costly way for PayPal to acquire new customers.”