Coinbase will add free fiat funds transfer to PayPal account

After launching its over-the-counter trading platform for institutional clients, the Coinbase exchange quietly decided to add a service for withdrawing users' fiat funds to their PayPal accounts. This feature is provided to users free of charge.

The exchange has not made any announcements in this regard either on its blog or on Twitter, but has sent emails to qualified traders about it and has created a frequently asked questions page on its website about PayPal.

The feature is currently only available to a limited number of US users. European Union, Great Britain and Canada. Local wallet services are only available in dollars, euros and pounds. However, this suggests that the Australian and Canadian dollars may also be added to wallets in the near future. Users in Australia and Canada were not given the option to transfer funds to a PayPal account. However, they can directly sell their digital assets for Australian and Canadian dollars, which they could not do before.

Before using this service, users will be required to complete all identity verification steps and receive an email confirming that the service is now available to them. The movement of funds is currently one-way, meaning users can only transfer funds to their PayPal accounts but cannot make reverse deposits to the exchange.