Bitcoin Exchange Coinizy Launches Bitcoin to PayPal Cashout Service

Bitcoin exchange Coinizy Financial Services has launched what it claims is the world’s first Bitcoin to PayPal cash-out service. The significance of this new option is that it simplifies the process of withdrawing Bitcoin to fiat currency transactions.

For Coinizy, similar international transfers usually take 3-14 days, but this new method allows users to transfer funds to their PayPal e-wallets within 24 hours.

Yannick Losbar, CEO of Coinizy, wrote in an email:

“Until now, if users want to sell their bitcoins and withdraw cash, 99% of bitcoin exchanges only offer the old-fashioned but reliable wire transfer service. This is very embarrassing for the next wave of potential bitcoin adoption.”

It should be pointed out that Coinizy did not obtain authorization from PayPal, but instead completed this cashing service through a Hong Kong intermediary payment company.

In addition, the Vancouver-based financial services platform currently offers withdrawal methods including Okpay, Western Union, SWIFT bank transfers and prepaid Bitcoin debit cards.

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Although Coinizy claims that it has been granted an MSB license by Canadian financial regulator FINTRAC, users still need to be cautious about the company itself.

The reason is that in the past, similar Bitcoin to PayPal withdrawal services have failed. Simply put, PayPal may be worried about the use of cryptocurrency in illegal transactions, and it has not officially accepted this payment method. But the more likely reason is that Bitcoin provides a competitive service to PayPal's online payment business, so it is not ruled out that this service will be cancelled.

In addition, the intermediary service used by Coinizy comes from an undisclosed "Hong Kong financial intermediary institution". It will probably take time to test whether the services provided by the exchange are reliable.

Original article: http://cointelegraph.com/news/115719/coinizy-brings-the-worlds-first-bitcoin-to-paypal-exchange
By Erin Lace
Compiled by: Satuoxi
Editor: Satuoxi
Source (translation): Babbitt Information