Crypto exchange Coinbase has announced that it is now offering “instant withdrawals” in almost 40 countries (including the US, the UK, and member countries of the European Union).
In a blog post published yesterday, product manager Eddie Lo, said that although crypto transfer are usually very quick, when customers of centralized exchanges wish to sell their crypto and withdraw the fiat proceeds of the sale, the “traditional banking system” can result in the withdrawal process taking up to several days.
He went on to say that customers based in the UK, Europe, and the U.S. are now able to withdraw their fiat funds using a Visa debit card that they have linked to their Coinbase account; customers based in the U.S. can make such withdrawals also with a linked Mastercard.
Lo also mentioned that “customers can select between instant or standard withdrawal methods and see a preview of all associated arrival times and fees prior to withdrawing funds.”
Terry Angelos, Senior Vice President and Global Head of Fintech at Visa, had this to say:
“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.”
And Sherri Haymond, Executive Vice President, Digital Partnerships at Mastercard, stated:
“Today’s consumers are digitally driven — seeking out real-time payment options that cater to their individual needs.
“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.”
In the U.S., instant withdrawals incur a 1.5% fee (minimum fee is $0.55); in the UK and the EU, this fee varies and can be up to 2%.