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Coinbase announces immediate crypto trading and higher default limits; launches Ethereum Classic on Coinbase Pro

Wed, 08 Aug 2018, 05:21 am UTC

Crypto exchange Coinbase has announced immediate trading and higher default limits for Coinbase accounts.

According to the announcement, the company will now allow users to trade cryptocurrency immediately after a purchase, meaning they would not be required to wait for five days for funds to settle. In addition, the daily trading limits have been increased to $25,000.

“With this update, customers will receive an immediate credit for the funds being sent from their bank account. They can then buy and sell crypto to and from their USD wallet right away, but cannot send their funds off the Coinbase platform until the funds coming from their bank have settled,” Coinbase said.

“We are also increasing limits for the majority of our US customers. Until now, the maximum allowable purchase was $25,000 weekly. For verified customers, the limit will now be $25,000 daily, a 7x increase over our prior limits. And once your funds are transferred to Coinbase, there are no longer any limits to how much you can buy or sell at a time.”

The company said that it is starting to roll out these updates, adding that these would be available to the US customers over the next month.

Ethereum Classic launches on Coinbase Pro

Coinbase has announced that it is commencing the launch of Ethereum Classic (ETC) on Coinbase Pro.

Ethereum Classic is currently the 12th largest cryptocurrency by market cap and is currently trading at $16.54 at the time of writing.

Coinbase’s GDAX was recently split into Coinbase Pro, the exchange for individual traders, and Prime, the exchange for institutions.

The company announced the final testing for ETC last Friday. In a blog post dated August 7, it said that the testing went according to the plan, adding that the launch will take place in four stages: transfer-only, post-only, limit-only, and full-trading mode.

“We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1–2 weeks after trading begins on Coinbase Pro,” David Farmer, General Manager of Coinbase Pro, said.

“There will be four stages to the launch…We will follow each of these stages independently for each new order book: ETC–USD, ETC–BTC and ETC–EUR. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time, or suspend trading as per our Trading Rules.”

Last month, Coinbase announced that it is exploring a number of other assets to add to the platform, including Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC), and 0x (ZRX).

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