Coinbase boosts daily buying limit
There's a little good news coming from San Francisco-based cryptocurrency exchange Coinbase. The exchange announced that it will bump the daily purchase limit to $25,000 while also providing for "instant" trading in conjunction with bank transfers. While clients currently have to wait five days for funds to settle, Coinbase is revamping its policy because "when someone makes the decision to sign up, they don't want to wait days before they can start buying cryptocurrency."
The exchange explained further, "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."
The increased daily limit will be available only to those US investors who have fulfilled Coinbase's identity verification requirements. The company hopes to roll out the new limit to international clients in the near future.
According to a Coinbase representative, "[T]hese improvements are built on our 6-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 has also begun trading of Ethereum Classic on its Coinbase Pro platform. The trading will be rolled out in four stages - transfer only, post only, limit only and, finally, full trading.