New Coinbase Feature Fastens Process Speed for Crypto-Fiat Withdrawals

By Shannon Wilson | October 3, 2020

Crypto exchange heavyweight has reportedly introduced an enhanced method for bringing speed to the crypto-fiat transmutation for their clients. 

Specifically, Coinbase has reportedly rolled out its updated measure for accelerating the process of transferring digital currencies out of crypto and into clients’ bank accounts, to 40 different nations. 

“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.” The information was reportedly explained via a blog post from the exchange on October 2nd. 

The newly rolled out feature will reportedly come with an extra 1.5% charge on users based across the US, whereas E.U. and U.K. participants will be subjected to a slightly higher rate of 2%. 

In normal situations, transferring fiat from crypto exchanges would reportedly require 3-5 business days to be finalized, particularly for the associated bank’s back end, meaning users will have to wait until this period is over before being able to interact with the cash withdrawn.

The new process from Coinbase will reportedly bring speed to the process when using a payment card, making funds available to spend immediately.

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