Overview of Cryptos This Wednesday
Coinbase Instant Purchasing is now available, Increased Trading limits
As explained by the Coinbase in a blog post published on Tuesday, it is now possible for users of the exchange to buy digital coins immediately upon depositing funds to their bank accounts. The announcement said that “starting today, we are rolling out the ability to trade cryptocurrency immediately after a purchase-no more waiting five days for funds to settle.”
Purchases via direct debits from a bank account used to last for days, even though instant transfers via wire transfer and debit cards are supported by the platform. The change implies that henceforth, the USD balance will be credited immediately for the amount customers have sent from their accounts. They can buy cryptos, but the withdrawal option is not feasible until the funds from the customers’ banks are settled.
According to the announcement, there is now an increase in the daily trading limits for customers in the US. The changes will be effective in the weeks to come. Verified customers will be allowed to buy up to $25,000 a day, rather than $25,000 per week as is the case at the moment. It was also noted by the exchange that there won’t be any limits to how much users can buy or sell at a time once the funds are transferred to Coinbase.
Ethereum Classic (ETC) Introduced by Coinbase Pro
Coinbase informed its clients in another announcement that the final testing for the addition of ethereum classic (ETC) was successfully completed. The announcement stated that the launch will proceed in four steps: transfer-only, post-only, limit-only and full-trading mode.
The company, while notifying customers on the fact they can transfer ETC immediately to their exchange account and start trading within days, tweeted: “Coinbase Pro is now accepting transfers of Ethereum Classic!”
David Farmer, Coinbase Pro’s General Manager, explained in the company’s blog that:
“We are beginning the launch of ETC on our exchange at Coinbase Pro. We plan to add support for ETC at Coinbase.com when sufficient liquidity is established. We expect this to occur approximately 1-2 weeks after trading begins on Coinbase Pro.” Coinbase’ GDAX platform was actually split into Coinbase Pro (for individual traders) and Coinbase Prime (for institutions).
Former regulators appointed as advisors at Omniex
Omniex is a crypto trading and investment platform oriented towards institutional investors. Reports came that Arthur Levitt, former US securities and Exchange Commission (SEC) Chairman and Sheila Bair, former Chair of the Federal Deposit Insurance Corporation (FDIC), were appointed to Omniex’ Board of Advisors. An official announcement stated that former Thomson Reuters and KCG executives were also hired as part of the plans for the acceleration of the adoption of its platform.
The services provided by Omniex are portfolio and risk management, trade execution, investment operations and compliance solutions for crypto-assets to buy-side, market-making and broker-dealer institutions. The company has raised $10 million USD since inception last fall. Leading firms like Wicklow Capital, Jump Capital, Digital Currency group, Sierra Ventures, Clocktower Technology Ventures, Thirdstream partners and Alan Howard of Brevan Howard are among its investors.
