Coinbase, one of the most popular crypto exchange launches instant trading and also increased daily purchase limits to $25K a day.
As per the announcement, the firm will allow users to trade on the platform as soon as they sign up. Coinbase realized that a person doesn’t want to wait for the next five days for funds to settle, they want to buy cryptocurrency immediately.
Coinbase stated that “With this new update, customers will receive a direct 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.”
The firm increased the daily limits for most of the US customers. Until now, the firm was allowing the maximum purchase of $25,000 per week. Now, Coinbase has increased the limits to $25,000 per day. However, this limit is only available to the users who have completed the site’s identity verification process. As soon as funds are transferred to Coinbase, there are no limits on how much you buy or sell.
One of the spokesperson also revealed that the new enhancements are done on the basis of the six-year-old history of cryptocurrency and developing the most trusted, and adaptable exchange in the world.
Apart from this, Coinbase is developing a unique fraud detection system which depends on the machine learning. Also, since the last one year, coinbase is making necessary improvements to provide the best user experience along with preventing users from fraud.
Ethereum Classic releases on Coinbase Pro
Coinbase has also declared the launch of Ethereum Classic (ETC) on Coinbase Pro.
Ethereum Classic is at the 12th position in Crypto Market and its price is $16.34 at the time of writing this post. Coinbase is recently divided into Coinbase Pro and Coinbase Prime. Coinbase Pro is an exchange for individual traders, while Coinbase Prime is an exchange for institutions.
The company has done the testing of ETC on the previous Friday. In the recent blog post, it was stated that the testing is successfully complemented. Now, Ethereum Classic will be launched in 4 stages: transfer-only, post-only, limit-only and full trading.
David Farmer, the General Manager of Coinbase Pro stated, “We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur probably 1–2 weeks after trading begins on Coinbase Pro.”
He further added, “There will be four stages to the launch…We will follow each of these stages independently for each new order book: ETC–USD, ETC–BTC, and ETC–EUR. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.”
Previously, coinbase declared that it is testing various cryptocurrencies such as Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX) to add to its platform.