Coinbase, popularly known to be the Major cryptocurrency exchange firm and wallet provider of the United States of America for the European Union residents to make the flat currency withdrawals and transactions to online payment system PayPal. The development was announced in an official blog post which was published on 5th February.
As reports flow out, in the last month, Coinbase had first rolled out PayPal withdrawal support for their users in the U.S. last month. The European extension of the service will reportedly apply to both European Union residents and those living in the European Free Trade Association (EFTA) countries such as Norway, Iceland, Switzerland, and Liechtenstein. Previously, Coinbase had integrated support for PayPal back during the summer of the year 2016. However, it has terminated the service within a few weeks due to technical difficulties.
Until today’s newly released service, European Union and European Free Trade Association country residents had exclusively relied on SEPA wire transfers to withdraw their fiat funds with those in the United Kingdom and also having an access to the country’s Faster Payments Scheme (FPS), which has been the operational with Coinbase since the month of March, 2018.
As reports say that the firm Coinbase is currently looking to diversify its cryptocurrency support, as well as fiat gateways in the month of December last year, the exchange has revealed that it was exploring expanding its listed assets to over 30 cryptocurrencies in as many jurisdictions as regulatory authorities allow. In the month of November 2018, the platform has launched over-the-counter (OTC) trading, especially for the institutional customers.
As all knew that PayPal which consists of 254 million active number of users in the Quadrant 3 (Q3) of 2018, has had a historically complex relationship to the cryptocurrency market space. Luke Nosek, the company’s co-founder, has recently stated that the transactions or payments company’s early aspirations were remarkably close to those of cryptocurrencies, claiming that,
“Many people don’t know this, but the initial mission of PayPal was to create a global currency that was independent of interference by these, you know, corrupt cartels of banks and governments that were debasing their currencies.”
The favorable remarks of Nosek about the cryptocurrency have been echoed by John Rainey, CFO of the company. However, the other co-founders of Paypal, Max Levchin has taken a pro blockchain, Bitcoin agnostic stance.
During the month of December last year, the firm Paypal has launched a blockchain-based reward system for employees, aiming to incentivize participation in innovation-related programs. Also, the company has filed an official patent in the United States. So that to increase the speed of cryptocurrency payments in the last year.