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Coinbase now offers instant cash withdrawals of up to $100,000

Published Aug 8th, 2021 11:01AM EDT
Coinbase Cash
Image: stockphoto-graf/Adobe

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Investing in bitcoin and other cryptocurrencies isn’t for the weak of heart. The digital coins remain highly volatile and prone to large price swings without warning. Bitcoin saw a meteoric rise to nearly $65,000 per coin in April, but then fell more than 50%, dragging the entire market down with it. Some people made massive profits along the way. Others ended up buying at the top, hoping the price would jump even higher. Regardless of which camp you fall into, you should be aware of a few brand-new features from Coinbase that should help with future cash deposits and withdrawals. The most interesting one is the ability to cash out up to $100,000 instantly.

Apple Pay and Google Pay support

Coinbase announced in a blog post that it will support additional cash deposit and withdrawal methods in specific markets. The cryptocurrency exchange will now allow customers to deposit fiat via Apple Pay and Google Pay. That will make it even easier for iPhone and Android users to trade bitcoin from their smartphones.

Users who have Visa and Mastercard debit cards linked to their Apple Pay or Google Pay wallets will be able to use them in the app. Apple Pay will appear automatically as a payment method in Coinbase. Apple Pay will work on iOS devices and in the Safari browser.

Google Pay should work similarly. But it isn’t available right away. Coinbase will add support for Google Pay cash transactions later this fall for Android users who trade bitcoin and other cryptos on Coinbase. Coinbase already lets you pay for cryptos via PayPal, as well as debit card or direct bank transfers.

How to use the new Coinbase instant cash withdrawals

Coinbase Instant Cash Withdrawals
Demo of instant cash withdrawal on Coinbase. Image source: Coinbase

More exciting, however, is Coinbase’s new withdrawal feature. Coinbase will let users cash out up to $100,000 instantly. The transaction goes through the Real-Time Payments (RTP) Network. This allows customers with linked bank accounts to withdraw up to $100,000 per transaction.

The transaction isn’t quite instant, as it takes a few minutes to process. But it certainly beats the other withdrawal methods on Coinbase that require a few days of waiting. Coinbase also explained that customers could cash out as many times per day as they wanted to.

To set it all up, you need to have a checking account linked to the Coinbase account. Once that’s done, the instant cash withdrawal feature should work. The only issue that might arise concerns your financial institution. They must be a participant in the RTP Network. Your bank account must support receiving RTP payments too. It’s a good idea to check with the bank before proceeding with instant Coinbase cash withdrawals.

This help page explains everything about Coinbase’s instant cashouts, including fees for different markets.

Chris Smith Senior Writer

Chris Smith has been covering consumer electronics ever since the iPhone revolutionized the industry in 2008. When he’s not writing about the most recent tech news for BGR, he brings his entertainment expertise to Marvel’s Cinematic Universe and other blockbuster franchises.

Outside of work, you’ll catch him streaming almost every new movie and TV show release as soon as it's available.

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