Bitcoin Global News (BGN)
January 22, 2019 -- ADVFN Crypto NewsWire -- When you think about
the world’s most powerful crypto company, which comes to your mind
first? For most people who have any experience at all with
cryptocurrencies, the answer would be two companies, Coinbase and
Binance.
Despite the fact that Binance
appears poised to become the most powerful crypto exchange in
history, one factor exists that raises Coinbase above
it.
In a word, Binance does not have as
many fiat on-ramps. Last summer, it was announced that they would
be adding the option for customers to buy crypto with Euros, with
other fiat currencies to follow, though at this time, it seems that
the US Dollar is still not supported on the platform.
Users who are interested in trading
with their dollars have to convert them to Bitcoin or, even more
controversially, to a stablecoin. Coinbase, on the other hand, has
offered the option of using one’s bank account and credit cards to
purchase crypto at any time.
Despite this, until just recently,
these options have really only existed for United States
customers.
Today, Coinbase announced that they
will begin to allow SWIFT transfers to and from foreign bank
accounts. While this does not mean that Coinbase customers abroad
will be able to directly use their card and bank accounts to fund
their trading accounts, it does mean that they will be able to use
fiat currencies to trade for the first time.
The only caveat is that non-US
customers will have to wait longer to access the funds that they
send from their bank accounts to their crypto accounts. Exactly how
long this will be depends on all of the moving parts of a swift
transfer though on average, this usually means three to five
days.
Consider this, perhaps the wait
will be bearable. Whatever the case, it is reasonable to expect
that 2019 will be the year that Coinbase and Binance continuously
fight their way to the top of the crypto industry.
By: BGN Editorial Staff