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Bitcoin service Coinbase has been quite active recently, raising large amounts of investor capital, adding a multi-signature vault that allows users to control their private keys, and expanding its global presence. Now, Coinbase is adding USD wallet support in an attempt to leverage its position as a multifunctional bitcoin service to become even more of a one-stop solution for the bitcoin community.
Previously, Coinbase users had to wait up to 5 days for bank transfers to clear before they could access their purchased bitcoins. If they wanted to buy bitcoins instantly, they had to link a credit card to their account. With the new USD wallets, users can send USD to their Coinbase account and hold it there until they are ready to buy bitcoins. Purchasing bitcoins with a USD wallet balance requires no holding period, which means users can access their bitcoins immediately. Since Coinbase no longer charges ACH fees, users will not have to pay a fee if they decide to transfer the money back to their bank rather than spend it on Coinbase
However, the USD wallets are only available to U.S. residents of 16 states at launch. The map above shows which states are eligible and which are not. Additionally, users must verify their identity before they can access the USD wallet feature, so the privacy-conscious are out of luck.
What do you think about Coinbase’s new USD wallet feature? Comment below!
Disclosure: The author has bought and sold bitcoins using Coinbase.
Images from Coinbase and Shutterstock
Last modified: June 10, 2020 4:07 PM UTC