Benzinga - San Francisco-based cryptocurrency exchange, Kraken announced its phased introduction of support for euro and British pound deposits through PayPal Holdings Inc (NASDAQ: PYPL). TThe funding option was introduced earlier this week and is currently available only on the Kraken mobile app. While users in Europe and the U.K. will be able to reap the benefits of this rollout by Kraken, Hungary and Croatia are excluded.
Details Of The Rollout
The Block reported on an e-mail Kraken users received, which stated, "You can use either your PayPal balance, bank account, or payment cards connected with your PayPal account to transfer up to £1,000 ($1,250) every day."
While the funds reflect almost instantly, withdrawals are available after seven days with varied fees based on different regions. “The seven-day hold on withdrawals will apply to any assets in cash or cryptocurrency, equal to the deposited amount. The withdrawal hold does not apply to trading,” according to Kraken's website.
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Also Read: PayPal's PYUSD Hits Huobi: Investor Options Expand
In the last month, Kraken added PayPal’s new stablecoin, PayPal USD (PYUSD) on its platform. Separately, the Kraken is also undergoing a makeover from its legacy “Kraken Classic” trading platform, which will be a more modern and user-friendly trading experience.
Coinbase Also Expands PayPal Integration
In the past week, Coinbase Global Inc (NASDAQ: COIN) announced that its German and U.K. customers can use PayPal to buy crypto on the exchange. It plans to launch the services to other EU countries soon. Withdrawals to PayPal are already available in Canada and the U.S.
Read Now: Coinbase Capitalizes On Institutional Lending Gap Left By BlockFi, Genesis
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