The San Francisco-based Coinbase cryptomorphine exchange announced today that it has added support for instant withdrawals in nearly 40 countries, including the US, UK and many in Europe.
The problem it claims to solve is that so far today’s announcement, withdrawals at Coinbase can take several days. Now they are, at least in theory, instantaneous.
According to the Coinbase help page, in „most cases“ withdrawals to users in these jurisdictions will be completed in 30 minutes, „however, processing can take up to 24 hours.
A caveat, however, is that in the UK and Europe you will have to use Crypto Bank a Visa debit card that accepts instant withdrawals. For the US, you can use a Visa or Mastercard.
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In the US, it will cost 1.5% of the total withdrawal and a minimum of US$ 0.55. In the UK and Europe it will cost up to 2% and a minimum of £0.45 or £0.52. The standard withdrawal, which takes longer, continues without fees.
„By allowing real-time card withdrawals through the Visa Direct feature, Coinbase is offering a faster, simpler and more connected experience for its users,“ said Terry Angelos, who heads Visa’s fintech department.