Coinbase Announces Instant Crypto Trade, Enhanced Default Limit, and Support for Ethereum Classic
Coinbase, the world’s largest digital asset exchange, announced on its official blog that it will enable immediate trading and will allow a higher default limit to most of its users. The official online announcement was made on August 7 and stated that traders will be able trade cryptocurrency immediately after making a purchase. This is a massive reduction in waiting time from five days to just one. Also, the default limit for Coinbase users has been increased to $25,000 per day. The services are expected to be made available to the public over the coming weeks.
Being the biggest cryptocurrency exchange in the world, Coinbase attracts the attention of the majority of new crypto traders. The San Francisco headquartered exchange offers many features to customers, and the recent changes to the platform will afford additional conveniences to users. For instance, although the exchange supports instant transfers via wire transfer and debit cards, crypto purchases made through debit cards take days to reflect in the buyer’s account.
The recently announced changes will reduce that wait time, enabling customers to receive an instant credit for the amount being transferred from their bank account. Once this is done, the customers will be able to buy and sell crypto tokens via their US wallet immediately. However, it should be noted that until settlement of incoming funds from their respective banks, users will not be able to move funds outside of the Coinbase platform.
Enhanced Limit for Customers
The blog post also mentioned that the crypto exchange’s customers will enjoy an enhanced default limit. Before the announcement, Coinbase users could purchase assets worth $25,000 every week. The new limit has vastly increased this limit to $25,000 per day, an increase by 7 times.
Support for Ethereum Classic on Coinbase Pro
Coinbase also tweeted that after last week’s successful testing for Ethereum Classic (ETC), Coinbase Pro will now support inbound ETC transfers. The blog post states that Coinbase will initially launch ETC support on its exchanges, followed by support on the website, once Ethereum Classic creates enough liquidity in the crypto market. The time frame is estimated to be 1-2 weeks. The support for ETC is planned to be implemented in four phases: transfer-only, post-only, limit-only, and full-trading mode.
Coinbase further mentioned on its blog that continuous demand for Ethereum Classic from customers encouraged the crypto exchange to list ETC on the platform. Last month, Coinbase announced that the exchange is considering adding a number of other crypto tokens to the exchange platform as well.