Coinbase users will now be able to store balances in US Dollars thanks to the platform’s new service USD Wallets.
Once dollars are deposited into the new wallet, users no longer need to wait for traditional bank transfers to clear before completing orders. From now on, Coinbase will be able to process bitcoin purchases on-demand using funds from the USD Wallet.
Previously, the only way to instantly acquire bitcoin on Coinbase was to enable instant buy, which required adding a credit card. USD Wallets let users transfer US dollars to their Coinbase Account, which can then be used to purchase bitcoin instantly from Coinbase.
If the funds are not spent, or if a user receives the US Dollar proceeds of a bitcoin sales into their USD Wallet, the funds can be withdrawn to the bank account they have linked to Coinbase, free of charge if via ACH bank transfer in the US.
USD Wallets are available automatically to Coinbase customers who have verified their identity in supported states within the US. So far, the service is available in 16 states – Arkansas, California, Delaware, Georgia, Idaho, Illinois, Indiana, Massachusetts, Missouri, Montana, New Mexico, Puerto Rico, South Carolina, Washington, Wisconsin and West Virginia. The company is in the processing of trying to expand access to other US states.
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