Coinbase has introduced new functionalities that now allows its customers to buy or sell cryptocurrencies instantly unlike previously when they have to wait for days. Also, the daily limit has been increased 7 times i.e. $25,000 per day which will be rolled out for US customers soon.
Coinbase’s attempt to empower its users
The San Francisco-based digital currency exchange, Coinbase has announced yet another good news for its customers. According to the latest developments, “immediate trading and significantly higher default limits for Coinbase accounts” are going into effect. Also, they are “rolling out the ability to trade cryptocurrency immediately after a purchase — no more waiting five days for funds to settle”.
The trading limit of most of the customers will be increased to $25,000 per day. The official announcement also clarifies that this functionality will be soon made available for the US customers that will be coming in the next few weeks.
In the crypto world, prices change in a matter of minutes that too dramatically. And in this scenario, waiting 5 days to start buying the cryptocurrencies don’t make sense. Though Coinbase does support instant transfers, they are through wire transfer and debit cards. When it comes to direct debits from the bank account, it takes days to appear.
Talking about this development, Coinbase shares:
“With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away, but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled.”
Coinbase aggressively on work
As for rising the daily limit to $25,000, the majority of the customers will be enjoying it as mentioned by the exchange:
“We are also increasing limits for the majority of our US customers. Until now, the maximum allowable purchase was $25,000 weekly. For verified customers, the limit will now be $25,000 daily, a 7x increase over our prior limits. And once your funds are transferred to Coinbase, there are no longer any limits to how much you can buy or sell at a time.”
Coinbase has started making these updates available and is currently working on rolling them out more broadly. The US customers will be able to leverage these functionalities over the next month but only for those who have completed the identity verification process with Coinbase.
Given the latest developments made by the leading cryptocurrency trading platform, Coinbase is working towards capturing a large portion of the crypto market. A few hours back, it also announced the launch of Ethereum Classic (ETC) on Coinbase Pro.
Following last week’s update about the final stage of testing for Ethereum Classic (ETC), we are now accepting inbound transfers of ETC on @CoinbasePro. Full launch schedule here: https://t.co/SRPufCbvbm
— Coinbase (@coinbase) August 7, 2018
Just yesterday, Coinbase acquired former Amazon and Microsoft employee, Tim Wagner. Recently, it even announced plans to support 40 more digital currencies. Moreover, it is also working on getting the institutional investors onboard by introducing various products and services.
Having a background in writing, I worked on a wide array of industry topics and have recently entered the world of Blockchain and Cryptocurrency.