Coinbase: instant BTC, ETH, LTC buying with bank account

Coinbase enables instant BTC, ETH and LTC purchases with a US bank account
25 October 2017   2041

One of the leading cryptocurrency exchanges, Coinbase, announces the ability for customers to instantly purchase digital currency using a US bank account. 

Previously, customers who purchased using a bank account had to wait several days before receiving their digital currency. Now, customers can buy up to $25,000 and receive access to their digital currency immediately.

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.

David Farmer
Director of Comms, Coinbase

In its turn, this is to be a welcome addition for consumers, many of whom desire to purchase Ether so they can participate in initial coin offerings (ICOs), but do not reallize that they need to plan ahead to make sure their coins are available at the start of the ICO.

As detailed by Coinbase, the instant bank purchases are live for “many customers in the US”. The company claims that it will continue to expand the availability of this feature during the coming months.

Coinbase to Close Chicago Office

Despite half of billion 2018 revenue, 30 employees of the biggest US crypto exchange are going to lose their jobs
24 April 2019   183

The leading cryptocurrency exchange and the wallet provider Coinbase decided to close its office in Chicago. About 30 employees will lose their jobs, said President and COO Asiff Hirji in an interview with the Wall Street Journal.

The Chicago unit focused on high-frequency trading (HFT) traders, and the potential increase in activity in this area could lead to an increase in Coinbase trading volumes and revenues. However, this direction, apparently, is no longer included in the priority list.

HFT companies play a large, albeit controversial role in the US stock and futures markets. According to some estimates, they account for about half of the daily trading volume on the stock exchanges, but more traditional investors are wary of them, suggesting that such firms take profits from them, going in and out of stocks, while slower players make deal.

Coinbase announced plans to attract HFT traders through technical updates, including speeding up the engine for matching trade requests last year.

Asiff Hirji also noted that as of the end of 2018, Coinbase had about 600 employees, and despite the elimination of 30 jobs in Chicago, the company intends to further expand this number.

Earlier this month, it was reported that in 2018, a Californian company, despite the market decline, earned about $ 520 million.