According to its Oct. 2 blog post, Coinbase, the leading U.S. exchange, is finally allowing its users to instantly withdraw funds from their fiat wallets.
Prior to that, the standard withdrawal procedure could take several days to be completed.
Not-so-instant withdrawals
The new feature is available in 40 countries where Coinbase is operating, which includes the U.S., the U.K, and Western Europe.
This convenience will cost U.S. users 1.5 percent for each transaction. Europeans will have to shell out up to a 2 percent fee.
Users are required to link a verified VISA credit/debit card. The Visa 'Fast Funds' service ensures that funds are processed in real-time. American customers can also opt for Mastercard.
Coinbase doesn’t impose any limits on the amounts of money that can be instantly withdrawn from the exchange.
In her statement, Mastercard's executive vice president Sherri Haymond, highlighted the importance of instant withdrawals for crypto adoption:
“Leveraging Mastercard Send following the conversion of cryptocurrency into fiat currency, Coinbase will now be able to offer its customers the ability to securely and seamlessly withdraw and use their funds wherever Mastercard debit is accepted — giving them greater flexibility and convenience to manage their financial lives”
However, on its Coinbase Help page, the exchange clarifies that the withdrawal process could still take up to 24 hours.
Coinbase is a principal member of Visa
The news comes three years after Coinbase made instant purchases available for its U.S.-based customers.
Back in April, the exchange also teamed up with Visa to launch a cryptocurrency debit card that allows its holders to pay for goods directly from their crypto wallets.
It is also the only cryptocurrency company that can pride itself on being Visa’s principal member.
Arman Shirinyan
