Coinbase Goes for a Stealthy Update
The update of the Coinbase platform now allows users to withdraw their funds in fiat currencies to their PayPal accounts. The feature is provided to the users free of charge. Coinbase did not make any major announcements on this via their Twitter account or Medium blog. However, eligible users have been sent emails regarding the same, and they have set up a PayPal FAQ page on their website.
The option itself is available only to a handful of users based in the UK, US, Canada and European Union. Local wallet services are available only for USD, EUR, and GBP users. However, this move indicates, that AUD or CAD may also be added to the wallets soon. Users in Australia and Canada have not been provided the facility to withdraw directly to their PayPal accounts. However, they can directly sell their digital assets to AUD or CAD, which was previously not available in these regions.
Compulsory Identity Verification
Before being able to utilise this function, It is compulsory that all users have to complete all identity verification steps. They must also receive an email confirming that such an option is available to them. However, users can only withdraw to their PayPal accounts but cannot make deposits to Coinbase from it.
Coinbase has not made any announcements regarding the time at which PayPal deposits would be accepted.