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:
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.
Editor's note: This article has been updated.
Image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.