Coinbase offers US and European customers ‘instant’ withdrawals

The cryptocurrency exchange Coinbase announced the launch of an ‘instant’ withdrawal feature, available to clients in nearly 40 countries, including the United States, the United Kingdom and EU member states.

Now you can instantly withdraw cash from your Coinbase account using a linked Mastercard or Visa debit card. Don’t wait days for your cash when you need it now. https://t.co/HZNj9cjzgS pic.twitter.com/IVsyRy4VKu

— Coinbase (@coinbase) October 2, 2020

Users can now withdraw fiat funds in real time to Visa-linked debit cards. In the US, the service is also available to Mastercard cardholders.

For European customers, the instant withdrawal fee is 2% (minimum €0.52 or £0.45); for US users — 1.5%, but not less than $0.55.

Coinbase said that users will now be able to choose between withdrawal methods, as standard routes can take up to several days.

Representatives of Visa and Mastercard stressed that the new service enables instant conversion of cryptocurrencies to fiat for payments.

“The ability to easily spend, send and receive cryptocurrency is crucial for the growth of the crypto economy,” Coinbase said in a statement.

Users in the отметили, that 2% commission is not that small. They say many exchanges offer such a service for a lower fee. They were also puzzled by the difference in charges between the US and the EU.

Earlier it was reported that Coinbase передаст to HM Revenue & Customs data on local customers who received at least £5,000 in cryptocurrency.

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