The Coinbase exchange announced on Aug 7 that it plans to boost its daily purchase limits and facilitate instant trading following user bank transfers. Presently the Coinbase clients need to wait for five days for their funds to settle.
The exchange stated that while they support instant transfers via debit cards and wire transfer, purchases made via direct debits from customers’ bank account can take days to appear. However, with this new announcement, customers will receive an immediate credit for the funds being disbursed from their bank accounts. So now they can purchase and sell crypto to and from their USD wallet immediately. However, they won’t be able to send their funds off the Coinbase platform till the incoming funds from their banks have settled.
The exchange announced that they are lifting the daily purchase limits to $25,000. However, this facility will only be available to customers who have completed the site’s identity verification process. The exchange is still in the process of adding these facilities for its non-US customers.
As shared by a Coinbase spokesperson, the exchange is focussed towards building a state-of-the-art fraud detection system that depends on machine learning. He further added that the exchange has made significant improvements to its systems that help them to balance a good user experience thereby preventing losses due to fraud.
The spokesperson also stated that these improvements are built on Coinbase’s six-year history of focussing completely on cryptocurrency, as stated in the CoinDesk report. He said that the exchange is striving to be the most trusted and compliant cryptocurrency exchange in the world.
This announcement of lifting daily purchase limits by Coinbase came minutes after the exchange announced the launch of Ethereum Classic on Coinbase Pro. According to a blog post, this launch will take place in four stages namely transfer-only, post-only, limit-only, and full trading.
The post Daily Purchase Limits Lifted To $25K, Coinbase appeared first on OWLT Market.
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