Coinbase introduced its customers to a faster way to transfer digital currencies from crypto to their bank account.
In October, Coinbase wrote in a blog post that the friendly US crypto platform now allows 40 countries to withdraw money faster. The message reads: “Customers in the US, UK and Europe can withdraw funds using an associated Visa debit card.” “In the United States, customers will also be able to withdraw money from Mastercard.”
This new feature requires an additional 1.5% for US users, while E.U. UK respondents pay just over 2%.
Under normal circumstances, the transfer of securities from cryptocurrency exchanges takes from one to five working days for settlement in the backend of the respective bank. This means that users have to wait during this period before they can use the money withdrawn from the stock exchanges. This new option from Coinbase speeds up the process of using a debit card and makes funds available for immediate use.
Part of the value of Bitcoin and other cryptocurrencies lies in the efficiency and speed of transactions. For example, Bitcoin does not accept complete transfers from banks for later use. However, the use of bitcoin sometimes requires interaction with traditional banking systems that operate at lower speeds. With this update, Coinbase has increased the speed of this process, which was not fast before.