Coinbase launched a USD wallet to sit alongside its Bitcoin one.
The dual feature allows for instant bitcoin buys and sells, as long as the dollars are already sitting in the Coinbase account, according to the blog announcement.
Instant buys were already available with a credit card, but this new wallet allows users to skip over the four-day wait required when initiating bank transfers. Now instant sales are available too.
U.S. users will not be charged to send money to and from the wallet by Automated Clearing House bank transfer. Basically, users that choose to connect Coinbase to a bank account. To ensure that customer funds are safe, the users’ funds are stored on a Coinbase bank account, which is FDIC insured and is separate from Coinbase’s regular bank account.
To use, identity verification is a requirement. So far, the USD wallet is available in 16 states, including: Arkansas, California, Delaware, Georgia, Idaho, Illinois, Indiana, Massachusetts, Missouri, Montana, New Mexico, Puerto Rico, South Carolina, Washington, Wisconsin, and West Virginia.
They hope to roll out the wallet in more states “in the near future.”
Coinbase has been releasing feature after feature. Last week, Cointelegraph reported on the partnership with the Mozilla Foundation, and the launch of a new tipping tool with potential for micro-transactions. Interestingly, Airbnb invited the bitcoin outfit to give a talk at their headquarters on December 3.And now, they released a wallet for USD, which makes conversions from bitcoins to dollars a bit easier.
But as always, Reddit users are already eyeing the next step. “Can't wait for BillPay + CC/Debit card through Coinbase. At that point, I will ditch my traditional bank,” pizzaface18 said. That reality may not be too long away.
Further details can be found in Coinbase's blog of the announcement.
Did you enjoy this article? You may also be interested in reading these ones:
- Coinbase Brings Bitcoin to Mozilla, ITunes, Unveils Bitcoin Tipping Tool
- BTC Cost Efficiency: Coinbase Merchants Can Now Pass Savings on to Customers
- Coinbase Reaches Across the Pond to 13 European Countries