Coinbase Increases Daily Spending Limits On its Platform

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Coinbase Increases Daily Spending Limits On Its Platform
The new changes would eliminate the delay first time users experienced after they signed up on the platform and allow them to buy and sell immediately. Photo Credit: Coinbase

Leading digital exchange platform Coinbase has announced a raft of new changes that analysts say would fast track the widespread adoption of cryptocurrencies by general population.

The company said on Wednesday that it was introducing changes that would eliminate the delay first time users experienced after they signed up on the platform and allow them to buy and sell immediately.

“Starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase — no more waiting five days for funds to settle,” Coinbase said in a blogpost.

And in an apparent response to the demand from customers to purchase and trade in higher volumes of cryptocurrencies per day, Coinbase also said that it was increasing the trading limits of users to $25,000 per day, a 7-fold increase on the previous daily limit.

“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.”

According to the U.S largest digital exchange, the update would allow first time users of the platform to receive an immediate credit for the funds being sent from their bank account, after which they can then buy and sell crypto to and from their USD wallet right away.

Customers however cannot send their funds off the platform until the funds coming from their bank have settled.

The changes are expected to become available over the next month to U.S. customers who have verified their identity with Coinbase. Plans are also in place to roll out similar changes to customers around the world in the coming months.

With more than 20 million users and over $150 billion in transactions, coinbase is arguably the biggest cryptocurrency exchange in the world. The company offers buy/sell trading functionality in 32 countries, while its cryptocurrency wallet is available in 190 countries around the world.

In June, reports emerged that Facebook may be planning to launch a bid to takeover of the exchange, after the social media giant reversed its earlier decision to ban all cryptocurrency advertisements on its platform.