Anyone who is an active crypto investor will know the pains of being limited by daily buy limits on exchanges. These limits can eat into your profits and prevent you from making the trades you really need to make. Coinbase has been suffering from a reduced number of app downloads following the decrease in Bitcoin price, and it has been actively trying to solve this issue by giving users more value than other exchanges. At the end of July, the American crypto exchange rolled out vouchers that can be purchased with crypto and redeemed at leading stores – such as Amazon. In addition to this, Coinbase launched GBP accounts, giving Brits the ability to deposit and withdraw in their native currency. With this flurry of new developments coming out of Coinbase, it appears as if it’s trying to cement itself as the number one crypto exchange globally.
New Daily Buy Limit
Coinbase revealed that all users who have completed the verification process will have their daily buy limits raised automatically to $25,000. While this verification process hasn’t yet been rolled out globally, Coinbase is still working on getting the necessary paperwork in place to offer its services overseas. In addition to raising the daily buy limits, it has decreased the time it takes for customers depositing via bank transfer to be able to trade. Previously it would take a couple of days, but it has removed this and users can now trade instantly after making a bank transfer.
Fraud and Market Manipulation Detection
When it comes to fraud and market manipulation, Coinbase takes these matters very seriously. It has implemented state-of-the-art AI to analyze trading patterns and volumes to detect trades that could be fraudulent or manipulative of the market price. This is a process that the SEC wants other exchanges to put in place before they will approve the first American Bitcoin ETF. Coinbase has been slowly tweaking its AI algorithms and machine learning to make it more efficient and accurate. It is seeking to become the most trusted and reputable crypto exchange on the planet, and these improvements are certainly helping it fight its case.
Ethereum Classic Joins the Party
Coinbase is also adding Ethereum Classic to its Coinbase Pro platform in the coming days. Once it has achieved sufficient liquidity levels it will then roll it out to the regular platform. It claims that the reason behind the gradual rollout is due to liquidity, but the most likely reason is to give the Pro customers early access to Ethereum Classic – which is totally justified.
Coinbase is certainly stepping up its game in order to become the world’s top crypto exchange, and with its vast array of new features it is well on its way to achieving this goal. We are sure it has a lot of new projects in the pipeline that it can’t wait to release to the public. As long as it pays attention to its security protocols, Coinbase looks set to become a behemoth of a crypto exchange.
