Coinbase, the US-based cryptocurrency exchange, has revealed a faster way for its customers to move digital currencies out of crypto and into their bank accounts.
It has been reported that the exchange now allows 40 different countries faster cash withdrawals.
The report stated:
“Customers in the U.S., U.K. and Europe can withdraw funds with a linked Visa debit card. In the U.S., customers will be able to also withdraw funds with their Mastercard.”
However, this fresh feature incurs an additional 1.5% charge on US users, while EU and UK participants pay a slightly higher rate of 2%.
Under usual circumstances, transferring fiat from crypto exchanges takes between one and five business days to settle on the involved bank’s back end. This means users must wait that time period before they can use cash withdrawn from exchanges.
Likewise, this new option from Coinbase speeds along the process when using a payment card, making funds available to spend instantly.
Now you can instantly withdraw cash from your Coinbase account using a linked Mastercard or Visa debit card. Don’t wait days for your cash when you need it now. https://t.co/HZNj9cjzgS pic.twitter.com/IVsyRy4VKu — Coinbase (@coinbase) October 2, 2020
It has been analyzed that part of the value held within Bitcoin and other cryptocurrencies are their efficiency and transaction speeds. For example, Bitcoin does not take as banks to fully transfer for further use.
By using Bitcoin, sometimes it requires interaction with traditional banking systems, which operate at a slower speed.
Thus, with this update, Coinbase has increased the rapidity of this once-unhurried process.
Source: Cointelegraph