Cryptocurrency startup Coinbase will boost its daily purchase limits and allow for “instant” trading following user bank transfers, the company announced Tuesday.
Currently, according to the startup, clients have to wait five days for those funds to settle. But that’s about to change, with Coinbase reasoning that “when someone makes the decision to sign up, they don’t want to wait days before they can start buying cryptocurrency.”
Coinbase went on to note:
“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.”
Daily purchase limits are being lifted to $25,000, according to Coinbase, though only customers who have completed the site’s identity verification process will have access to these changes. Coinbase is still in the process of adding these changes for its non-U.S. customers.
A Coinbase spokesperson told CoinDesk that “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,” the representative said.
The news came just minutes before Coinbase announced the launch of ethereum classic on Coinbase Pro. The launch will occur in four stages – transfer-only, post-only, limit-only and full trading – according to a blog post.