American based crypto startup and exchange Coinbase, has revealed plans to extend its daily purchase limits to 25,000 dollars a day while also allowing for instant trading after user bank transfers in an announcement released on Tuesday. This is yet another step by America’s largest crypto exchange towards improving the user experience of their customers. These changes were announced via a post on their blog which is in line with Coinbase’s promise of keeping their users informed and updated.
According to the San-Francisco based crypto firm, clients at the moment have to wait five days for the funds to settle. This will not be the case any longer with the exchange stating that “when someone signs up for the platform, they will no longer have to wait days before they can purchase any cryptocurrency token accessible on Coinbase”. Other than raising the purchase limit on the platform and facilitating fast purchase of crypto, Coinbase has also canceled restrictions on how much a client can transact at a time. This change is effective immediately the client’s funds reach the wallet.
Traders on the Coinbase exchange can now transact 25,000 a day up from 25,000 a week; this 7 fold improvement will put an end to multiple layers of transaction approvals as well as inconveniencing delays caused by previous restrictions. These new developments will not only open up the exchange for higher volumes in trade but will also facilitate seamless trading. Coinbase, however, clarified that only customers who have completed the identity verification process would be allowed access to these wonderful changes. The exchange is also notably still working on effecting the mentioned changes for its customers outside the United States.
Speaking to the popular crypto publication, Coin Desk, a Coinbase spokesperson revealed that the exchange’s latest improvements were based on their 6-year history of focusing only on crypto while also striving to build the most trusted and compliant crypto exchange anywhere in the world. He further added that the firm had worked to put in place a state of the art system of fraud detection that will mostly rely on machine learning technology in order to tame cases of fraud on its platform.
According to the Coinbase spokesperson the San Francisco based crypto exchange had made outstanding improvements over the past year in striking a balance between great user experience and the prevention of losses as a result of fraud. This positive announcement was released just a few minutes after the announcement of the unveiling of Ethereum Classic on Coinbase Pro. The much-awaited launch will happen in four stages which will be; Transfer-only, Post-only, limit-only and full trading.