"While we did see net outflows in Q2, we observed that the majority of this behavior was institutional clients de-risking and selling crypto for fiat as opposed to withdrawing their crypto to another platform," Coinbase said in the shareholder letter. Assets on platform fell quarter over quarter to $96 billion from $256 billion, mostly because of pressure on cryptocurrency prices, Coinbase said. Coinbase said it was extending its hiring freeze into the foreseeable future and cutting 18% of headcount. Macroeconomic and cryptocurrency credit resulted in lower trading volume during the quarter, the company said.Ĭoinbase is being forced to resize its business in response to market conditions.Ĭryptocurrency controversies helped to push down prices in what some called a "crypto winter." Coinbase's stock tumbled 75% during the second quarter, while the price of bitcoin plunged by about 59%. The company said it had 9 million monthly transacting users during the period, down from 9.2 million in the first quarter but more than the 8.7 million StreetAccount consensus. "Dramatic market movements shifted user behavior and trading volume, which impacted transaction revenue, but also highlighted the strength of our risk management program." "Q2 was a test of durability for crypto companies and a complex quarter overall," the company said in the letter. Over 40% of the cryptocurrency assets were in bitcoin. Coinbase's own cryptocurrency assets at the end of June were worth $428 million, down from about $1 billion at the end of March. One factor was a $377 million noncash cryptocurrency-related impairment charge. Retail transaction revenue came in at $616.2 million, down 66% and below the $667.1 million consensus among analysts polled by StreetAccount.Ĭoinbase reported a $1.1 billion net loss, compared with $1.59 billion in net income in the same quarter last year, according to a letter to shareholders. Personal Loans for 670 Credit Score or LowerĬoinbase's revenue declined nearly 64% as investors exited the crypto market after last year's dramatic run. Personal Loans for 580 Credit Score or Lower The online publication continues and explains that “The partnership with Coinbase could also prove to be a less costly way for PayPal to acquire new customers.Best Debt Consolidation Loans for Bad Credit PayPal earns a fee from merchants for facilitating payments for them,” they write. “The benefit for PayPal comes when Coinbase customers use the funds in their PayPal accounts to make purchases. Withdrawals to PayPal are free for Coinbase customers, but there’s a “hidden benefit” for PayPal in the whole arrangement, Marketrealist notes. How does PayPal benefit from the partnership? This feature definitely sets Coinbase apart from other crypto exchanges. The “Sell Form” shows your total balance and the “Deposit To” is where the funds that you withdraw go.Īfter you enter the amount that you want to withdraw to Paypal, all you have to do is click on “Confirm Sell” in order to approve the transactions, and you’re good to go. In order to withdraw, all you have to do is, click the “Buy/Sell” on your Coinbase dashboard, click the “Sell” tab, you’ll see the “Sell From” and “Deposit To” sections. Withdraw and deposit into Coinbase via PayPalĪfter everything is set up, you can fund your Coinbase account or withdraw from it to PayPal.You will also receive the notice that your Coinbase account has been successfully linked to PayPal. Enter your login details and allow Coinbase to access your account.Īfter you click on “Agree”, this will give Coinbase permission to credit or debit your account. Click on it, and you will be redirected to the PayPal official website. After that, you have to click on “Settings”, go to “Linked Accounts” and “Link a New Account.”Īmong the available options, you’ll see PayPal. Guide to withdraw funds or capital to PayPalįirst of all, you have to log in to your Coinbase account on your mobile or desktop device. The process of withdrawing funds or capital to PayPal is not challenging at all, and there are just a few steps that have to be followed. Using PayPal, users can easily deposit and withdraw their funds with transactions taking place almost instantly. More rollouts are expected in various countries over the months to come.Ĭoinbase aims to become a leader in the industry and a move to achieve this was introducing PayPal as a payment option on the platform. Coinbase is one of the largest crypto exchanges in the world with more than $160 million in daily transaction volume.Ī part of these transactions includes withdrawals from the platform to bank accounts or payment processors like PayPal.īack in 2018, Coinbase rolled out an option that allows instant PayPal withdrawal capability to customers in the US, and now they have extended the functionality to Europe as well.
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