Changes to Coinbase

coinbase logo.jpg

Coinbase is the largest digital currency exchange in the world. Headquartered in San Francisco, California, it currently services over 30 countries and 20 million users. Coinbase has been in the news recently for a series of improvements to its platform. Currently, the only cryptocurrencies you can purchase through Coinbase are Bitcoin, Bitcoin Cash, Ethereum, and Litecoin. Last Friday, they announced plans to add a fifth coin, Ethereum Classic. This shot the price of the coin up around $5 to a weekly high of $20 although it has since leveled off and returned to its price from a week ago. Full support for the coin addition should finish completion within the next couple weeks.

On Wednesday, Coinbase announced they were instituting higher purchase limits per day. US customers will be able to trade up to $25,000 per day which is a 7x increase. More importantly, you will now be able to trade immediately after a purchase. Previously, you would have to wait up to five days for the funds to settle. 

In July, a report from Bloomberg stated that Coinbase will be rolling out a new feature that will allow customers to use their cryptocurrency for digital gift cards. These gift cards can be used for over 120 different retailers. Currently, the service is only offered to select countries in Europe. With all of these changes taking place, Coinbase has reaffirmed why they are the leader among cryptocurrency exchanges.