Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The new update allows Casa users to directly purchase Bitcoins via their Casa wallets by linking their bank accounts. Casa’s self-custody service also allows users to safely store their holdings.
On Thursday, October 29, cryptocurrency custodial platform Casa introduced the direct purchase of Bitcoin for its users by linking their bank accounts. All the BTC purchased on Casa will directly reflect in the user’s wallet.
For the time being, Casa will be rolling out this service only for its U.S. customers. Interestingly, Casa has put a negligible fee of 0.99% on all Bitcoin purchases via bank transfers. Moreover, using this service, users can purchase Bitcoin with a limit of $5000 per week and $20,000 per month.
With its superior security model, Casa also gives users full control over their holdings. The users have absolute control over all their private keys. Explaining the new feature, Casa CEO Nick Neuman said that the BTC purchase happens through its partner platform Wyre.
Thus, all BTC purchased via Casa goes directly on-chain to the user’s wallet. Besides, every Bitcoin purchase also includes a mining fee. Usually, crypto exchange tends to charge a separate mining fee for letting users transfer their digital assets to their own wallets.
Casa Offering Self Custody of Bitcoin for Absolute Safety
Back in August 2020, Casa launched its self-custody service allowing users to buy and hold their own Bitcoin rather than using any external custodian. Casa makes it absolutely hassle-free for users to opt for self-custody. After all, self-custody a large number of risks and is a far more secure option instead of keeping it on an exchange. Case chief-executive told users:
“With self-custody using Casa it’s impossible to be hacked and nearly impossible to have your bitcoin stolen. Leaving bitcoin on an exchange (e.g. Coinbase or many others) opens it up to theft; there is a long history of bitcoin theft and hacks from exchanges.”
The latest update will also allow users to confidently grow their HODL stash without compromising their independence. However, the update comes along with some caveats. The announcement notes:
“When you purchase bitcoin with your bank account, your price is locked in immediately. Note that because of the time it takes the ACH network to clear electronic transfers, there’s a hold of 5 business days before the BTC will be deposited into your Casa App. So if you purchase today (Thursday), it will arrive in your Casa App the following Thursday.”
For other news from the crypto world please follow the link.