In this edition of The Daily, Coinbase customers in certain regions can now link their Paypal accounts to withdraw fiat and sell cryptocurrencies. Also, Russia’s third-largest bank is working to launch a digital asset management service in Switzerland, and Koinex, India’s leading crypto exchange, has set up a new development center in Bengaluru, the country’s IT hub.
Also read: Poloniex Offers Institutional Accounts, Okex Launches ‘Perpetual Swap’
An announcement published on its website detailed that Coinbase has introduced the ability for customers to link their Paypal and Coinbase accounts. Once implemented, Coinbase customers will able to either withdraw fiat currencies to Paypal, or sell their cryptocurrencies and use the Paypal account to receive the fiat money.
To take advantage of the service, users need to ensure they have completed all identity verification steps on Coinbase and that their listed country is correct. Then they will have to go to ‘Settings’ and click “Link a New Account” if using the desktop platform, or “Add a Payment Method” in the mobile app.
After selecting Paypal, they will be prompted to log in to their Paypal account. Currently, Coinbase customers in supported regions can only use Paypal to withdraw fiat or sell cryptocurrency. Purchases of digital assets with Paypal are not available yet.
According to a press release, the partners will offer their clients the ability to perform crypto transactions without the need to set up a separate cryptocurrency wallet. They will be able to monitor and control both their fiat and digital funds through their accounts.
The new service will be officially launched in 2019. Gazprombank, which is the third-largest Russian bank by assets, announced its intentions to begin limited-scale cryptocurrency operations through its Swiss subsidiary earlier this year. In March, its deputy CEO Alexander Sobol said the bank is doing that in response to demand from some of its large customers.
According to the publication, the development center will work to address different issues related to finance, payments, security and banking operations on a global scale. The Mumbai-headquartered company has already secured backing from leading venture capital companies, including Singapore-based Beenext and San Francisco-based Pantera Capital.
Koinex also noted it’s currently expanding its workforce. In addition, the company plans to allocate $1 million for investments in the development of the blockchain and crypto ecosystem in India. Koinex co-founder and CEO Rahul Raj expressed confidence in the diversification of the platform’s product offerings. He also emphasized that “digital assets exchanges are at the epicenter of all blockchain related development today.”
The startup has so far released a number of private stellar wallets, including desktop versions for MacOS and Windows, as well as mobile apps that are currently available on both Apple App Store and Google Play Store. After the acquisition, Blockeq will continue to operate as a Coinsquare subsidiary and a separate entity.
What are your thoughts on today’s news tidbits? Tell us in the comments section.
Images courtesy of Shutterstock.
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The post The Daily: Coinbase Adds Paypal Withdrawals, Gazprombank to Manage Crypto Assets appeared first on Bitcoin News.
Source: NewsBtc
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