Coinbase Offers Customers $100,000 Instant Cash Withdrawals
Coinbase has announced in a blog post that it will support additional cash deposit and withdrawal methods in specific markets.
The cryptocurrency exchange will now allow customers to deposit fiat via Apple Pay and Google Pay. That will make it even easier for iPhone and Android users to trade bitcoin from their smartphones.
Users who have Visa and Mastercard debit cards linked to their Apple Pay or Google Pay wallets will be able to use them in the app. Apple Pay will appear automatically as a payment method in Coinbase. Apple Pay will work on iOS devices and in the Safari browser.
Google Pay should work similarly. But it isn’t available right away. Coinbase will add support for Google Pay cash transactions later this fall for Android users who trade bitcoin and other cryptos on Coinbase. Coinbase already lets you pay for cryptos via PayPal, as well as a debit card or direct bank transfers.
More exciting, however, is Coinbase’s new withdrawal feature. Coinbase will let users cash out up to $100,000 instantly.
The transaction goes through the Real-Time Payments (RTP) Network. This allows customers with linked bank accounts to withdraw up to $100,000 per transaction.
The transaction isn’t quite instant, as it takes a few minutes to process. But it certainly beats the other withdrawal methods on Coinbase that require a few days of waiting. Coinbase also explained that customers could cash out as many times per day as they wanted to.
To set it all up, you need to have a checking account linked to the Coinbase account. Once that’s done, the instant cash withdrawal feature should work.
The only issue that might arise concerns your financial institution. They must be a participant in the RTP Network. Your bank account must support receiving RTP payments too. However, it’s a good idea to check with the bank before proceeding with instant Coinbase cash withdrawals.
Read Also: Planning to Trade Bitcoin? Here is How to Set Up Crypto Wallet
Coinbase Offers Customers $100,000 Instant Cash Withdrawals
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