Coinizy launches the world’s first Bitcoin to PayPal exchange option. This new option promises to simplify Bitcoin to fiat exchanges and withdrawals.
While similar money transfers usually, take about 3 or even 14 days for international transfers Coinizy new option promises to deliver money to users PayPal e-wallet in 24 hours.
Yannick Losbar, Founder and CEO at Coinizy, explained in the official press release via email:
"Up until now, 99% of the Bitcoin exchanges only offered the good old wire transfer, when one wanted to withdraw the funds he obtained by converting some bitcoins. This excludes de facto the 2.5bn unbanked people, as well as most of the teenagers, which is very unfortunate since this part of the population could represent the next potential wave of Bitcoin adopters."
Besides the new Bitcoin to PayPal exchange option Coinizy, Vancouver-based financial services platform, currently offers various withdrawal methods including cryptocurrency exchanges to Okpay e-wallet, Western Union cash delivery and SWIFT bank transfers. The platform also offers virtual and plastic prepaid Bitcoin debit cards.
Gilles Mendy, Business developer at Transactel Europe, who was in charge of the Coinizy cards program ordering process, commented to Cointelegraph:
“Using bitcoin in our daily routine is a key stake for numerous companies, and we truly think that Coinizy has the right answer to make it possible. Contrary to the competition’s offers, Coinizy is focused on the exchange between dollars and bitcoin, we like this specialization and to think about consumer’s needs. We have good expertise in card management and this partnership with Coinizy was an interesting opportunity to associate our know-how.”
Coinizy provides only fiat withdrawals, it don’t accept fiat as a deposit and doesn’t provide Bitcoin deposits – bitcoins are immediately sold during the deposit process and exchanged to fiat. All deposits are handled by Coinizy’s partner and bitcoin processor – Snapcard. Moreover, as PayPal is not very open to bitcoin activities, Coinizy doesn’t work directly with them but rely on a financial institution based in Hong Kong to process PayPal transactions on behalf of Coinzy
“Virvow has been offering paypal deposits for years, as well as bitcoin deposits and withdrawals. The main difference with Coinizy being that they directly process all orders without intermediaries, but it definitely carries more risk exposure seen the very fragile stance PayPal has on this matter. I can recall, for example, the several times Virwox halted PayPal deposits and/or withdrawals,” explained Yannick Losbar. “There’s also an interesting alternative market for BTC to PayPal trades, as exposed during the internal market study we conducted a few months ago. Up to 30% of the exchanges made on the “Currency Exchange” section of the most popular bitcoin forum, bitcointalk.org, at the time of the study involved BTC to PayPal transactions.”
You can find out more at www.coinizy.com.