Cryptocurrency exchange Coinbase has introduced a faster way for users to withdraw funds. Users from 40 different countries can make instant withdrawals over Coinbase thanks to Visa and Mastercard.
Withdrawals via Visa and Mastercard
According to Coinbase’s blog post, the exchange users from the United States will be able to withdraw funds from their Mastercard, while with a linked Visa debit card, users from both US and UK can withdraw their funds. Coinbase stated:
“Coinbase offers instant withdrawals in nearly 40 countries including the US, UK, and more across Europe. Customers in the US, UK, and Europe can withdraw funds with a linked Visa debit card. In the US, customers will be able to also withdraw funds with their Mastercard.”
Fees for instant withdrawals are less for US customers as compared to EU and UK customers. The company will charge a 1.5% fee for US customers. For UK and EU customers, Coinbase will charge a fee of up to 2%.
Terry Angelos, SVP and global head of fintech for Visa, claims that users can convert cryptocurrency into fiat over 60 million merchant locations. “By enabling real-time card withdrawals through the Visa Direct capability, Coinbase is delivering a faster, simpler and more connected experience for its users — making it easier to convert crypto balances into fiat, which can be spent at the more than 60M merchant locations where Visa is accepted,” said Angelos.
Sherri Haymond, executive vice president, Digital Partnerships at Mastercard said:
“Leveraging Mastercard Send following the conversion of cryptocurrency into fiat currency, Coinbase will now be able to offer its customers the ability to securely and seamlessly withdraw and use their funds wherever Mastercard debit is accepted — giving them greater flexibility and convenience to manage their financial lives.”
Coinbase also offers an option of standard withdrawal methods besides instant facility. Normally, withdrawals from exchanges to banks can take from 1-5 business days. Now, users can spend their funds instantly without having to wait for funds for days.