Coinizy claims to use PayPal for money withdrawals

Filter search

Details: Category: Companies; Published: 25 November 2015; Hits: 2799

Bitcoin exchange Coinizy claims that it is able to use PayPal to cash out bitcoins. So far PayPal has been trying to avoid digital currencies.

According to Coinizy, money withdrawal through PayPal takes about 24 hours.

“You may be aware that e-wallet provider PayPal has a long history of hostility towards bitcoin and bitcoin startups, and you might already have heard several cases of bitcoin startups getting their PayPal account closed. However, Coinizy is not subject to such risks, as all PayPal withdrawals are not processed by Coinizy but a third-party Financial Institution with no direct links to bitcoin,” says the company.

In theory such transactions should be free, as Coinizy already charges commission for currency conversion. “A one-time fee of 10 % is applied to the average bitcoin exchange rate when you convert your bitcoins into US dollars by depositing them on Coinizy,” says the “Knowledge Encyclopedia” on the exchange’s website.

Coinizy bitcoin exchange is registered at Water Street in Vancouver, Canada. Some sites called it a “fiat bank”, albeit it is not clear if the company has a license for banking operations. Apart from PayPal cashout, Coinizy offers its customers bitcoin debit cards.

The exchange was founded by Yannick Losbar. According to CryptoTrust, before engaging in bitcoin Yannick worked with “premium rates numbers, phone billing, premium SMS” on a European scale. Besides premium SMS, Losbar created CryptoInvest community on Twitter and cooperated as a news writer with our colleagues at CryptoCoinsNews.

In January PayPal announced the launch of an open payment platform through its subsidiary, which enables US merchants to accept payments in bitcoin via integration with Coinbase. However, the company is unlikely to introduce direct bitcoin payments in the near future, due to potential regulation issues. Earlier this month John Donahoe, chief executive at eBay, said PayPal would be able to accept and integrate several digital currencies. At the same time, he did not confirm that PayPal will start accepting bitcoin.

Roman Korizky

A new bitcoin big fish rises on the Canadian market

Newnote Financial Corp., a Vancouver-based cryptocurrency and bitcoin company, has announced the acquisition of the bitcoin exchange Cointrader.net, the point-of-sales provider CoinZero, and an ATM network. They now plan to expand their influence on the Canadian market.

Bitcoin exchange in South Africa will increase confidence in Nigerian products, entrepreneurs believe

Ice Cubed and VoguePay suggest to use bitcoin “more as control of currency as opposed to be a currency in itself”. “The idea is to have people in the international community be confident of buying products from a Nigerian supplier and knowing that … credit card details aren't going anywhere,” Gareth Gobler, ICE3X founder told IamSatoshi.

The National Bank of Ukraine invites PayPal to the country

The National Bank of Ukraine introduced changes to the regulation of the financial sector in the country which will facilitate access of the international systems such as PayPal, Apple Pay and GoogleWallet at the national market.

Nasdaq will provide trading system to a new bitcoin marketplace

Noble Markets, a New York-based bitcoin start-up, and Nasdaq OMX Group Inc. have entered into a partnership that will allow Noble Markets to use Nasdaq’s trading technology to matching users’ orders, The Wall Street Journal reports. The technology is currently used by more than 30 exchanges worldwide.

Bitcoin Price Graph

Filter search