Coinbase Users Can Now Use Bank Accounts to Instantly Purchase Cryptocurrency

San Francisco-based company Coinbase just announced they will allow customers to buy bitcoin, ethereum, and litecoin instantly with bank accounts. Each customer can buy up to $25,000 with this service. Previously, people could only conduct instant purchases with debit cards. This service requires users to provide their account numbers and routing numbers. However, the service is currently only live for some people in the US.

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Coinbase blog said, “We are excited to announce the ability for customers to instantly purchase digital currency using a US bank account. Previously, customers who purchased using a bank account had to wait several days before receiving their digital currency. Customers can now buy up to $25,000 and receive access to their digital currency immediately.”

Trusted Cryptocurrency Service Provider and Bitcoin Price

Coinbase decided to make this move so they could become one of the most trusted cryptocurrency exchange businesses. Their mission is to make Coinbase the safest and most secure exchange in the crypto ecosystem.

Instant purchases make it significantly easier and faster for customers to invest in the digital currency ecosystem. Reducing the time to receive digital currency has been a highly requested feature and we are pleased to provide this improved experience for our customers.

This faster transaction for higher amounts of money may kickstart even more fervor and enthusiasm for cryptocurrency. At the time of writing, bitcoin’s price sits at $5273.53, and now large purchases via bank accounts are accessible. Since Coinbase is the largest exchange servicing the US, this could mean more bitcoin adoption, further catapulting the digital currency’s price.

Purchases are Now Live for US Customers

The service is now live for US customers according to the announcement on the Coinbase blog. They intend on extending the service to customers in other territories in coming months. The site said customers will receive an email saying when instant purchases will be available for their account. The blog post noted purchases are limited to $25,000, but this amount may vary from customer to customer.

“Instant bank purchases are now live for many of our customers in the US, and we will expand availability over the coming months. You will receive an email when instant purchases become available for your account.”

What do you think about this instantaneous cryptocurrency purchasing service with bank accounts? Is Coinbase on the right track? Let us know in the comments section below.

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