Today, leading crypto exchange Coinbase has announced the support of instant PayPal funds withdrawal for customers based in Europe.

Initially, Coinbase first announced the feature for U.S customers on 14^th December 2018, which allows them to withdraw free of charge instantly,

The introduction of this feature means that customers will now be able to withdraw their Coinbase balances free of charge instantly without having to pay a 1.49% withdrawal fee. The blog post from Coinbase states they are, “expanding that support for PayPal withdrawals to all E.U. customers and customers in European Free Trade Association countries (Iceland, Liechtenstein, Norway, and Switzerland).” 

The blog also writes that before adding PayPal support “SEPA and UK Faster Payments were the only options for European customers to withdraw funds.” However, this feature became available to UK customers on January 17^th”.

Coinbase is currently is in the process of significantly diversifying its crypto support- retail and institutional. This includes the fiat processing systems and the listing of over 30 cryptocurrencies in as many regions the authorities will allow.

According to Cointelegraph, PayPal, “whose active number of users surpassed 254 million in Q3 2018 — has had a historically complex relationship to the crypto space. The company’s co-founder Luke Nosek recently stated that the 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.”

This development follows on from December when PayPal launched a global online payments system that uses a blockchain based reward system for its employees. An employee who used the program is awarded tokens for participating in innovation-related programs and contributing ideas.

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