Coinbase, A major American based crypto exchange has enabled cash withdrawals free of charge to Paypal, an online payment system. To begin with, Customers using Coinbase in the United States are now able to withdraw their cash balance to Paypal. This service will be available to other countries in 2019, according to the plan.
In the year 2016, Coinbase and Paypal joined hands when Coinbase supported Paypal along with major credit cards on the platform. Coinbase allowed it’s customers to sell Bitcoin (BTC) and get the value deposited in their Paypal wallet. However, this arrangement was concise lived due to technical challenges. Coinbase, over a period of time, has boosted up the range of services, and the platform has seen active growth over the past several months.
Coinbase has begun to delve into possibilities as it intends to support trading for over 31 cryptocurrencies, including XRP (Ripple), EOS and ADA (Cardano). Coinbase has plans of adding these cryptos in as many jurisdictions as possible. The platform will be working with local banks to achieve the same. It was reported in September that Coinbase has come up with a new mechanism which enables it to list digital assets faster. If you as an issuer want to submit a token at the Coinbase platform through this new mechanism, you will be asked to use a unique form which will then be evaluated by our team against your digital asset framework.
OTC (Over the counter) trading was launched in the month of November exclusively for loyal and institutional customers on the platform. OTC Services is in the pipeline to combine with Coinbase custody which is a tool for institutional investors, according to Christine Sandler, Head of Sales (Coinbase).
A patent was filed with the USPTO (U.S. Patent and Trademark Office) by Paypal to enhance cryptocurrency payment speeds. The Patent illustrates an accelerated currency transaction system which also involves secondary private keys in order to reduce the wait time for transactions between the merchant and the consumer. Coinbase has been in news for the past few weeks for different reasons.