Although the cryptocurrency market has taken a consistent hammering of late, it appears that the largest U.S.-based crypto exchange is not fazed by these recent developments. In a Tuesday announcement that was initially published on its Medium blog (and which later, mysteriously disappeared), Coinbase (NASDAQ: COIN) said that it will boost its daily purchase limits and also allow for instant trading following the receipt of bank transfers.
At present, clients have to wait five days before bank transfers are cleared, making instant purchases impossible and also locking potential customers out of possible good deals with the constant volatility in the cryptocurrency markets. However, Coinbase believes that “when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency.”
This is why the crypto exchange updated its platform, finally enabling customers to “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 bank have settled,” Coinbase explained in a blog post.
Customers who have completed the site’s identity verification process get to enjoy an increased daily purchase limit of $25,000, according to Coinbase. The exchange said it is currently working to add the changes for customers who do not come from the United States.
The announcement comes on the heels of Coinbase integrating the WooCommerce plugin on its Coinbase platform, allowing more than 49 million eCommerce retailers to finally accept Bitcoin Cash (BCH), the only true retail-purposed cryptocurrency. All payments made through the Coinbase Commerce platform are strictly peer-to-peer. This a huge benefit to eCommerce entities, as it means they do not have to pay any transaction fees and all payments are always under their own control.
New to Bitcoin? Check out CoinGeek’s Bitcoin for Beginners section, the ultimate resource guide to learn more about Bitcoin—as originally envisioned by Satoshi Nakamoto—and blockchain.