Coinbase now lets crypto buyers use Apple Pay - and they can cash out up to $100,000 at a time.
Why is it important to have Apple Pay or Google Pay integration?
Cashing out will now be simple and flexible
Coinbase is simplifying and speeding up cash-outs by incorporating Apple Pay and Google Pay. Instant cash-outs will be conducted through the Real-Time Payments (RTP) network, making settlements almost immediate, according to the corporation.
The RTP network will serve as a substitute for ACH (Automated Clearing House) transfers, which can take up to five days to complete. In addition, the new transfer protocol allows for limitless cash-outs each day.
In April, rival asset exchange Gemini, which is financed by the Winklevoss brothers of Facebook fame, took a similar move by adding Google Pay and Apple Pay cash transfer options on its website.
The Clearing House (TCH), a network and payments infrastructure operator that supports the largest banks in the United States, including Bank of America, Citibank, Wells Fargo, and others, manages the speedier RTP network.
Coinbase is the first cryptocurrency exchange to offer rapid cashouts using Real-Time Payments (RTP), which allows users in the United States with linked bank accounts to withdraw up to $100,000 in a single transaction.
Statement by Coinbase
Crypto exchanges are integrating the old with the new with caution
In terms of trading volume, Binance is the largest cryptocurrency exchange in the world, but Coinbase has been rapidly coming up. The latter is headquartered in the United States and traded on the NASDAQ, offering it significantly more credibility, stability, and flexibility in progressively integrating traditional banking systems with new ones.
Many cryptocurrency exchanges, including Binance, are mired in regulatory quagmires due to their muddled business structures, non-compliance with local regulations, and, in many cases, insufficient security standards to prevent money laundering, illicit transactions, and other issues.
VISA and MasterCard, meanwhile, have managed to stay on the cutting edge of technology and actively update their systems to include cryptography as a vital component. In collaboration with crypto exchanges and other payment firms, VISA is actively rolling out crypto-to-fiat debit cards in a number of countries.
Meanwhile, MasterCard is testing a new capability to settle transactions with USDC, allowing crypto card issuers to sidestep the friction of direct crypto-to-fiat conversions. Card issuers will be able to take USDC — an Ethereum-based stablecoin — and then exchange the stablecoin fiat cash for settlement with merchants in their local currency.