By
Temitope Olatunji
April 18th, 2024
Coinbase says that only those customers who have completed the ID verification process on the exchange can avail the facility of increased daily purchase limits.
Popular cryptocurrency exchange Coinbase has finally decided to provide more convenience to its customers by allowing them to “instantly” trade cryptocurrency once they have successfully done the bank transfer. Currently, customers have to wait for five days for the funds to settle before they can begin trading.
On Tuesday, August 7, the crypto-exchange said that “when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency.” The exchange further noted:
“While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear. 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.”
Additionally, Coinbase has increased the daily crypto purchase limits to $25,000. Although this facility is currently available to U.S. customers only, the exchange has ensured that it would soon extend it to other non-U.S. customers as well. Another important caveat is that this facility is available to only those customers who have completed the ID verification process on the exchange.
While talking to CoinDesk, a Coinbase representative said:
“These improvements are built on our [six]-year history of focusing entirely on cryptocurrency and building the most trusted, compliant cryptocurrency exchange in the world. We’ve focused on building a state-of-the-art fraud detection system that relies on machine learning and, over the past year, we’ve made significant improvements to our systems that help us balance a good user experience with preventing losses due to fraud.”
Coinbase Pro Support Ethereum Classic (ETC)
On Tuesday, August 7, the Coinbase’s “Pro” platform made an official announcement that it has added the support for Ethereum Classic (ETC) deposits. The exchange in its announcement said:
“We announced final testing for Ethereum Classic last Friday, with a goal of accepting transfers for exchange users by Tuesday August 7th. Our testing has gone according to plan and we will be launching support first on our exchanges (Coinbase Pro).”
Coinbase Pro is now accepting transfers of Ethereum Classic! Our full launch schedule is outlined here: https://t.co/8fWBi7RncB
— Coinbase Exchange (@CoinbaseExch) August 7, 2018
Currently, this facility is available only on Coinbase Pro but not on Coinbase.com. However, the exchange platform noted:
“We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro.”
David Farmer, General Manager of Coinbase Pro said that the launch of the Ethereum Classic will proceed in four stages: transfer-only, post-only, limit-only, and full-trading mode. Further details regarding the trading have been mentioned on their official blog post.
In the last two week, the cryptocurrency exchange has been making a series of announcements across all its products and services.