Can anyone stop the growth of Coinbase? This week alone, the company have made a number of announcements that are really putting the exchange on the map and making it one to watch for the future. Of course, Coinbase is one of the largest exchanges in the world, but it is often considered to be a plain sailing, safe platform, one that is safe to use, but could get boring going forward.With a new team working at the exchange and a bunch of new announcements, this ‘blandness’ has certainly been addressed, once again putting Coinbase on the map as THE cryptocurrency exchange for the future, globally. With new cryptocurrencies set to be added, potential storage options for securities and a number of new partnerships, Coinbase are having a great year so far. Within a new update, it seems that the US cohort of Coinbase customers are about to receive a range of new benefits that are sure to fix Coinbase’s position as the biggest exchange in the United States. Coinbase are about to roll out an update that will allow US customers to purchase up to $25,000.00 worth of cryptocurrency per day, with instant deposits added and the daily trade limit to be increased too. This will ensure that users in the States, have access to instant trading, on a faster platform and can handle large sums of money. This is something that is no doubt related to Coinbase’s drive to spur on large institutional investment as this new update, will be very attractive to those high end, flashy investors. According to the official Coinbase announcement:
“Starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase — no more waiting five days for funds to settle. Most customers will also see their trading limits increased to $25,000 per day. This functionality will be available for US customers over the next few weeks. 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.”
“We are also increasing limits for the majority of our US customers. Until now, the maximum allowable purchase was $25,000 weekly. For verified customers, the limit will now be $25,000 daily, a 7x increase over our prior limits. And once your funds are transferred to Coinbase, there are no longer any limits to how much you can buy or sell at a time.”
See the full announcement for yourself, here. There are of course some limits to this, customers must be verified in order to take advantage of the improved service, and limits will still be imposed on debit card transactions. For full details of these limits, please view the official post on the Coinbase blog as detailed above. As stated, this update has been rolled out to encourage new customer and improve the experience of Coinbase’s current US customer base. Moreover though, we have to expect that some of the underlying motivations here will be to aim to entice institutional investors. Coinbase want to be THE platform for international, large scale institutional investment, this is a great step towards achieving this.