With 11 Million Users Coinbase Enables Instant Bitcoin Buying With a US Bank Account

Journalist:
Josiah Wilmoth @Y3llowb1ackbird
October 24, 2017

Bitcoin exchange Coinbase announced that it will now allow users to buy bitcoin, ethereum, and litecoin instantly when paying with a US bank account.

Coinbase made the announcement in a blog post. Previously, customers who purchased cryptocurrency using a bank account had to wait several days — sometimes as long as a week — before they received access to their assets. Now, customers who pay for their cryptocurrency purchases using a US bank account can buy up to $25,000 worth of BTC, ETH, and LTC and receive access to their coins immediately.

This will be a welcome addition for consumers, many of whom desire to purchase ether so they can participate in initial coin offerings (ICOs), but new users in particular often do not realize they need to plan ahead to make sure their coins are available at the start of the ICO.

From the announcement:

“Our mission is to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange. 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.”

Coinbase crossed the 10 million registered user mark in September and has already added more than 1.4 million users since then. At times, the company struggled to scale its growth to accommodate its swelling user base, but chief executive Brian Armstrong committed to using funds raised during the $100 million Series D round the startup completed earlier this year to improve customer service. To fulfill that commitment, Coinbase rolled out live phone support last month.

Coinbase says the instant bank purchases are live for “many customers in the US,” but it has not yet been enabled for others (the author’s account, for instance, does not appear to have instant buy available). The company says it will continue to expand the availability of this feature during the coming months.

Featured image from Shutterstock.

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.