Coinbase, the major cryptocurrency exchange, announced that their U.S. clients will now be able to withdraw their funds straight into their PayPal accounts.

Christmas seems to be coming early for some Coinbase customers. The major U.S.-based cryptocurrency exchange launched it’s 12 Days of Coinbase initiative on the 10th of December, the point of which is to announce any new features or work that the platform is doing.

The latest announcement states that Coinbase customers in the U.S. can now withdraw their balances directly into their PayPal account. The platform also shared the news on Twiter.

Starting today, all Coinbase customers in the U.S. can instantly withdraw Coinbase cash balances to PayPal for no fee. It's Day 5 of 12 Days of Coinbase. Learn more here: https://t.co/tfYVzgJjxc pic.twitter.com/EFHn8LFPTs — Coinbase (@coinbase) December 14, 2018

PayPal Embracing Crypto?

This is, of course, not the first time that PayPal has been making industry headlines. In fact, BitcoinerX recently reported that the payments platform has turned to blockchain technology to issue employee rewards tokens.

Before the feature, U.S. Coinbase clients would need an ACH or Federal Wire account and be content with waiting up to two days for funds to clear. With this new integration, the transaction speed is faster and Coinbase doesn’t add on any withdrawal fees. Clients simply need to add their PayPal account onto the exchange as a payment option to make use of this feature.

As a reason for the new venture, the blog states:

Coinbase customers have been clear: you want to be a part of the open financial system. We believe that means more than just owning cryptocurrency — it means having the flexibility to use it how and when you want. This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash.

Coinbase Receives Feedback

While some may view this as a great way to easily convert cryptocurrencies to cash, just in time for Christmas by the way, some tweeps are not convinced, stating that the exchange is selling out to SWIFT. In addition, some mentioned that PayPal would still charge their withdrawal fee and that the platform could even freeze customer accounts if they deem the crypto payments as suspicious.

Others are wondering when this initiative will be rolled out to other countries. The blog states that next year should see this goal come to fruition.

Speaking of which, 2019 seems as if it will be a busy and exciting year for the industry, especially if the U.S. Securities and Exchange Commission (SEC) approves the much-anticipated Bitcoin ETF.

Are you for or against this latest initiative from Coinbase? Let us know why in the comments below!

Images courtesy of Pixabay, Shutterstock, and Twitter/@Coinbase.