A lot of things are changing behind the scenes of Coinbase. The popular exchange continues to push for global cryptocurrency adoption. Increasing the daily purchase limit and offering instant trading are two big developments in this regard. For now, these new changes only affect US clients.
Positive Changes for Coinbase Users
From this point forward, Coinbase users in the US can buy more cryptocurrency. The daily limits have been raised to $25,000. It is a significant increase, as the “cap” was $25,000 per week under previous guidelines. This seemingly confirms demand for Bitcoin and altcoins is still rising despite falling prices.
For US customers, this is a very positive change. Raising one’s Coinbase limits usually requires going through multiple verification procedures. By increasing the base daily limit, these steps can now be bypassed. Whether or not users will effectively make use of their new purchasing power, however, remains to be seen. Most consumers aren’t willing to spend thousands of dollars per day on Bitcoin.
Coinbase has introduced another big change for its users. Once deposited funds reach the company’s wallets, any limitations to amounts available for purchase or selling will be removed entirely. This is another big step toward making cryptocurrency a lot more convenient. By removing all “artificial limits”, the exchange is positioning itself for additional growth in the coming months.
Re-kindling Interest in Cryptocurrency
These changes enforced by Coinbase come at a crucial time for the cryptocurrency industry. Current prices are not looking promising, and there is no positive momentum to speak of. By removing the barriers to entry, Coinbase might get some people excited about buying Bitcoin. That momentum can have a positive effect on the Bitcoin price in the long run.
By adding instant trading functionality, the exchange removes the waiting time as well. Previously, it could take up to five working days to effectively receive purchased Bitcoin. That waiting limit is now gone, further streamlining the entire process. How this change is made possible exactly, remains unclear. Immediate credit for the funds sent from customers’ bank accounts is a major improvement for all users.
Although this functionality is only available to US customers, that will not remain the case. Coinbase is rolling out these improvements in other regions around the world as well. The firm has entered a UK partnership to benefit from the Faster Payments Scheme. That collaboration will pave the way for bringing these features to the UK at some point.
What do you think of Coinbase’s new features? How significantly will it lower the barrier to entry in the cryptocurrency space? Keep the conversation going in the comments below.
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