Australia’s largest crypto currency exchange, CoinSpot, integrates PayPal for secure, easy, real-time deposits and withdrawals
Tim Wilks of CoinSpot.
- CoinSpot, has enabled fast, secure deposits and withdrawals with PayPal for CoinSpot’s more than 2.5 million customers
- 1-in-7 Australians (15%) currently owns cryptocurrency, making it a popular digital asset.i
CoinSpot and PayPal today announced that Australia’s largest digital currency exchange, CoinSpot, has integrated PayPal to offer secure, fast, and easy deposits and withdrawals via the PayPal wallet for CoinSpot’s more than 2.5 million customers.
The integration enables customers to load funds to the CoinSpot exchange using a funding source in the PayPal wallet, such as a bank account, balance, or card,iI as well as withdraw funds into their PayPal account from the exchange in real time.
CoinSpot is the most popular cryptocurrency exchange in Australia and offers more than 450 cryptocurrencies with robust customer support. Established in 2013, CoinSpot is Australia’s largest and most trusted Digital Currency Exchange (DCE).iii
CoinSpot Chief Business Development Officer, Tim Wilks said, “We’re proud to be partnering with such an innovative company in global payments that clearly recognises the opportunity of blockchain technology. Adding such a familiar and recognised deposit method for our customers gives them a new way to fund their account with AUD. Making crypto investing simple has always been the mission for us, and working with PayPal is another step forward to increasing accessibility for Australian investors.
Cryptocurrency is a popular digital asset in Australia with research showing that 1-in-7 Australians (15%) currently own cryptocurrency, up 50% year-on-year from 2023 (10%).i The PayPal integration with CoinSpot means that customers will no longer need to leave the exchange to make deposits or withdrawals, making the service simpler and easier to use.
Unlike some methods of loading or withdrawing funds from DCE’s, the PayPal wallet enables real-time money movement and PayPal’s proprietary risk rules, fraud protections, and transaction flow monitoring applies to all deposits and withdrawals made via the PayPal wallet.
PayPal Australia’s Managing Director, Simon Banks said, “Although the DCE sector has become well-established, many withdrawal methods still impose a 12 or 24 hour hold before funds are available for investors. PayPal’s industry leading security and fraud monitoring allow us to deliver real time money movements for our customers – giving them fast access to their funds. By integrating PayPal, CoinSpot is increasing the choice and flexibility for our shared customers, and making cryptocurrency easier for investors to access using Australia’s most trusted online payment method.”iv
i. PayPal eCommerce Index 2024 – Research in field October 2023. A study of 1,000 Australian consumers aged 18-75 and 400 Australian businesses conducted by Fifth Quadrant Research
ii. Linked Visa and Mastercard within the PayPal wallet be available for use on CoinSpot digital currency exchange.
iii. Ibis World Cryptocurrency Exchanges in Australia industry analysis – market size, trends, and forecasts.
iv. Roy Morgan 2023 Trusted Brand Awards. PayPal is ranked No1 most trusted non-bank financial service in Australia.