The leading United States-based cryptocurrency exchange Coinbase has introduced a new feature that allows customers to withdraw their funds instantly. By rolling out the instant withdrawals’ update, the exchange is offering its customers a faster way to withdraw or move their funds between wallets.
Instant Withdrawals feature is available in 40 countries
According to an official blog post published on October 2, 2020, instant withdrawals are supported in 40 different countries including the United States, the United Kingdom, and Europe.
Instant withdrawals will be made via two famous payment methods MasterCard and Visa. Users are allowed to withdraw their funds through a linked Visa Debit Card in the United States, the UK, and Europe. While on the other hand, they can also use MasterCard for withdrawing funds in the United States, the company said.
However, there is a fee of 1.5% (minimum $0.55) that will be charged by the company for instant withdrawals in the US while a fee of up to 2% will be charged to customers of Europe and the UK.
Commenting on this, the Executive Vice President Digital Partnerships at Mastercard Sherri Haymond said, “Today’s consumers are digitally driven — seeking out real-time payment options that cater to their individual needs.”
“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,” Haymond added.
Terry Angelos, the SVP and global head of fintech at Visa, said that the cryptocurrency is offering users with a faster and more convenient experience by enabling instant withdrawals via Visa while “making it easier to convert crypto balances into fiat, which can be spent at the more than 60M merchant locations where Visa is accepted.”
Coinbase said that it is crucial for the growth of cryptoeconomy to make it easy for users to send, receive, and spend cryptocurrency. Therefore, it said that it will bring more new ways of using cryptocurrencies in an easy way in the future.
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