Coinbase Announces New Features and Lists Ethereum Classic on its Trading Platform

Industry 1 min, 39 sec READ

by Nick Tsakanikas

Coinbase introduced a purchase limit increase and an instant trading feature. These enables easier trading for Coinbase's customers.

Coinbase announced on Tuesday in a blog post that it would introduce a daily purchase limit increase and an instant trading feature.

The purchase limit for Coinbase users will increase by seven times from the current $25,000 per week, to $25,000 per day. Additionally, Coinbase announced it has improved a cumbersome funds verification process for new users, who previously had to wait for days for their funds to be verified before they could start trading cryptocurrencies. Users will have to complete Coinbase's identity verification process to benefit from the new enhancements. While these features will initially be available to users from the U.S. only, Coinbase plans to gradually offer them to its customers worldwide.

According to the Coinbase blog,

While we do support instant transfers via wire transfer and debit cards, purchases via direct debits from your bank account can take days to appear. 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.

Ethereum Classic Added to Coinbase Pro

August 7 was a day of announcements for Coinbase. In a separate blog post, the exchange also announced the listing of Ethereum Classic (ETC) on its Coinbase Pro platform:

The launch of Ethereum Classic on Coinbase Pro, a trading platform for individuals, will consist of four stages; transfer-only, post-only, limit-only, and full-trading mode. Notably, the company plans to add Ethereum Classic to Coinbase.com two weeks later, to ensure that sufficient liquidity has been established. Coinbase said that its future roadmap includes the addition of more digital assets on its platform, as users have expressed high interest in the availability of more trading options.