- 5-day waiting period for bank transfers scrapped
- Daily purchase limit increased to $25,000
- Ethereum Classic introduced on Coinbase Pro
Cryptocurrency trading platform Coinbase has announced higher daily purchase limits and the addition of “instant” trading after users fund their accounts with bank transfers.
The reason Coinbase gave for scrapping the current five-day waiting period is that “when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency”.
The company went on to say that although it already supported debit cards and instant wire transfers, purchases via direct debit from clients’ bank accounts could take days to clear. After the latest update, however, these funds will be credited immediately.
Clients will be able to purchase and sell cryptocurrencies from their USD funds right away, but they can’t send the funds outside of the Coinbase platform until the money coming from their bank has been cleared.
The company has also increased the daily purchase limit to $25,000 for clients who have successfully gone through Coinbase’s ID verification process. The firm is still working on a similar system for its non-US traders.
A spokesperson for Coinbase said that the latest enhancements were built on the firm’s six-year history of being fully focused on cryptocurrency and establishing the most compliant and trusted crypto exchange in the world.
The representative added that they have used machine learning to concentrate on creating a high-tech fraud detection system. Over the last year, they have implemented great enhancements to the system that allow them to balance loss prevention from fraud with a positive user experience.
Minutes after this news, Coinbase announced the introduction of Ethereum Classic on Coinbase Pro in four stages that will range from transfer only to full trading.