Leading cryptocurrency exchange Coinbase has launched PayPal withdrawals in Europe. The move will make it easier to buy and sell cryptocurrency through the platform.
The San Francisco-based exchange firm already offers PayPal withdrawals in the US. However, Coinbase announced it would be extending support to cover 32 European countries spanning the EU and EFTA.
European customers were previously restricted to UK Faster Payments and SEPA payments for withdrawals. The development means that they can now take advantage of the flexibility and convenience of PayPal.
Coinbase said PayPal withdrawals would make Coinbase the easiest and safest way to buy and sell cryptocurrency. In a post announcing the move, a company statement read:
“Today, we’re expanding that support for PayPal withdrawals to all E.U. customers and customers in European Free Trade Association countries. We strive to make Coinbase the safest and easiest place to use cryptocurrency. Offering convenient withdrawal options like PayPal is another big step towards that goal.”
“Before PayPal, SEPA and UK Faster Payments were the only options for European customers to withdraw funds. Part of our commitment to being the safest and easiest is to support the preferred transfer options for our customers around the world. As one of the world’s easiest and most widely-used payment platforms, adding PayPal as a withdrawal option for European customers offers another great option for withdrawing their funds.”
The firm has indicated that extending support to other countries remains a priority. They also confirmed that they would continue to roll out PayPal withdrawals to wider markets throughout this year.
Customers can link their PayPal account directly to their Coinbase account, for simple withdrawals to their e-wallet. The should allow for quicker withdrawals than at present, thanks to more efficient payment systems.
The announcement comes at a time of surging interest in cryptocurrencies like bitcoin. Specifically, businesses and consumers worldwide are increasingly choosing cryptocurrency payments in addition, or as an alternative, to fiat payments.
Coinbase is the dominant force in global cryptocurrency exchange. The move is therefore expected to make the platform even more appealing for those buying and selling cryptocurrency in the region.