Photo Credit: Coinbase
Coinbase launched a tie-up with Apple and Alphabet's Google on Tuesday that will allow users to add cards from their accounts to the payment apps run by the two tech giants.
The company said it will automatically convert all cryptocurrency to US Dollars and transfer the funds to a customer's Coinbase Card for use in purchases and ATM withdrawals.
Coinbase's move comes after PayPal said it would allow US consumers to use their cryptocurrency holdings to pay millions of its online merchants globally, significantly boosting use of digital assets in everyday commerce.
It was also reported last week that PayPal is planning to allow users to withdraw cryptocurrency to third party wallets. The San Jose, California-based company at present does not let users move cryptocurrency holdings off its platform. Speaking at CoinDesk's Consensus 2021 conference, PayPal's blockchain, crypto, and digital currencies business unit head Fernandez da Ponte said, “They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.
Last year, PayPal said that US account holders will be able to buy, sell, and hold cryptocurrencies in their PayPal wallets. PayPal planned to expand the service to its peer-to-peer payment app Venmo and some other countries in the first half of 2021.
© Thomson Reuters 2021