Announcing the latest solution to its clients/users in its blog post, Coinbase said that it is pleased to bring in USD Wallets. The blog says, “Today we’re excited to launch USD Wallets, a new feature which allows users to store U.S. Dollar balances on Coinbase.” Thus, not just Bitcoin, the users can now store their US dollars in Coinbase wallet.
The blog says that with the USD wallet, instant buying and selling will become a reality. According to the blogger, once users deposit USD into their new wallet, they no longer have to wait for traditional bank transfers to clear before their orders complete. Also, Coinbase can process Bitcoin purchases on-demand using funds from the users’ USD Wallet.
Nonetheless, Coinbase has also declared that there won’t be any need for credit cards as well. It says, “Previously, the only way to instantly acquire Bitcoin on Coinbase was to enable instant buy, which required adding a credit card. USD Wallets let you transfer US Dollars to your Coinbase Account at your convenience.”
The blogger at Coinbase says that users can then use those funds to purchase Bitcoin instantly from Coinbase, and if they do not spend the funds, or if they receive the US Dollar proceeds of a Bitcoin sale into their USD Wallet, they can simply withdraw the funds back to their linked bank account whenever they wish.
No Charges for Sending Funds
In the announcement Coinbase says that it will not charge the users to send funds to and from their USD Wallet via ACH bank transfer in the US. Regarding availability, the blogger says that USD Wallets are available to Coinbase customers who have verified their identity in supported states within the US.
The blogger says that the company is working hard to expand access to USD Wallets to residents of additional states in the near future. However, it also clarifies that if some users do not see a USD Wallet in their account then they may be located outside of the states it currently supports.
Currently, there are 16 states e.g. Arkansas (AR), California (CA), Delaware (DE), Georgia (GA), Idaho (ID), Illinois (IL), Indiana (IN), Massachusetts (MA), Missouri (MO), Montana (MT), New Mexico (NM), Puerto Rico (PR), South Carolina (SC), Washington (WA), Wisconsin (WI), and West Virginia (WV) are supported.
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