In early November, Coinbase launched its new “PayPal” function. As a result, crypto holders can now withdraw money from Coinbase to their PayPal account. Although the new feature excited a lot of folks, there are some major problems. It turns out that the Elon Musk startup is not working when people try to test PayPal with Coinbase.
Elon Musk Created Crypto Heaven?
By founding PayPal, Elon Musk likely played a role in encouraging more crypto adoption. Previously, there were options for converting crypto to fiat money. However, the majority of them had limitations. Today, however, US PYPL enthusiasts can convert their cryptocurrency to PayPal money.
PayPal Community Is Skeptical
Though Coinbase launched its PayPal functionality quietly, there were users who quickly spotted the new feature. Consequently, the users tried to test it but failed to do so. Some users from Canada and the UK complained that the Coinbase function does not work for them. Moreover, many users complained of long waits to transfer funds out from crypto to PayPal. Recently, Coinbase confirmed that it supports PYPL functionality only in the US.
Crypto Adoption in 2018-2019
This is a significant step toward increasing crypto adoption by PYPL users. As many as 254 million active accounts were on PYPL in the third quarter of 2018.
PYPL’s support for Coinbase means a lot. The wealthy PYPL founder Elon Musk might even own some crypto. In fact, Musk had tweeted, “Wanna buy some Bitcoin?” According to Musk, this led Twitter to believe that someone hacked his account; as a result, Twitter locked his profile.
The world’s wealthy tech giants seem to be buying crypto. From the way things look, the elite might know something that others do not. For example, the company that owns the New York Stock Exchange is launching Bakkt. Bakkt is a platform for cryptocurrency services that institutions and others will use. Even more, Microsoft and Starbucks are partnering with Bakkt for its launch next year. Thus, get ready for the Crypto Summer. Certainly, crypto will be huge.