Coinbase — the largest US-based cryptocurrency exchange — partnered with payments platform PayPal to enable instant, free crypto-to-cash withdrawals for US customers.
This means customers can now move the crypto balances in their Coinbase accounts to their PayPal accounts immediately, at no charge.
“These withdrawals are not only fast; they’re free and incur no fees,” project manager Allen Osgood wrote on Coinbase’s blog. “Now, moving your cryptocurrency to cash is easier and more affordable than ever.”
Facilitating an ‘Open Financial System’
Before, you needed an ACH (automated clearing house) or federal wire account to withdraw funds from your Coinbase account. And it could take up to two business days for the transaction to clear.
With the new Coinbase/PayPal service, you can now move your funds instantly, for free.
Here’s the two-step process:
- Sign in to Coinbase and link your PayPal account to your Coinbase account.
- Select your PayPal account as a payment option when withdrawing your cash balance to move your funds instantly.
Allen Osgood said Coinbase launched the service in response to customer demands for an “open financial system.”
“We believe that means more than just owning cryptocurrency ,” he explained. ” 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.”
While the service is currently only available in the United States, Coinbase plans to roll it out in more countries in 2019.
Coinbase and Circle Are Making Moves In DC
While bitcoin enthusiasts know Coinbase primarily as a cryptocurrency exchange and brokerage giant, the company is quietly making moves behind the scenes to promote mainstream crypto adoption.
In September 2018, a pro-crypto lobbying group was launched in Washington, D.C. by three of the biggest cryptocurrency companies in the United States:
- Digital Currency Group.
“We have been very active with Congress, with policymakers. There’s a lot of engagement,” said Jeremy Allaire, the co-founder of Circle, a crypto unicorn with a $3 billion valuation.
The move signals that the virtual currency industry is taking concrete steps to promote mainstream adoption by becoming power players in the US capital. Lobbying isn’t sexy or hip, but that’s how things get in politics — so it’s pretty effective.
A week after the lobbying group launched, three bills were introduced in the US Congress designed to support the development of crypto and blockchain, the technology behind bitcoin.
The three bills were:
- Resolution Supporting Digital Currencies and Blockchain Technology.
- Blockchain Regulatory Certainty Act.
- Safe Harbor for Taxpayers with Forked Assets Act.
Republican Congressman Tom Emmer — who is co-chairman of the Congressional Blockchain Caucus — urged the United States to prioritize the development of blockchain and create an environment that will enable the private sector to lead on innovation.
“This is an exciting time for blockchain technology and cryptocurrencies,” said Congressman Emmer. “Legislators should be embracing emerging technologies and providing a clear regulatory system that allows them to flourish in the United States.”
Featured image from Shutterstock.