Easy Bank Transfers On Coinbase Now Available In The Netherlands

Uwagwu Bennett
Uwagwu Bennett Published on September 15, 2023 12:35 AM

Dutch clients now have access to Open Banking payments thanks to Coinbase's announcement that it is expanding its Easy Bank Transfers service to the country.

Easy Bank Transfers On Coinbase Now Available In The Netherlands
Source: Pexels

Easy Bank Transfers, which were introduced in collaboration with TrueLayer and the European Open Banking payment network, let users deposit money into their Coinbase accounts. These payments connect directly to users' bank accounts, auto-filling the financial details of clients and reducing the need for manual data entry. 

According to the press release, Coinbase claims that the outcome is a less error-prone process that lowers the possibility of a failed payment and simplifies the deposit process for its users. Additionally, users can gain a productive client experience by directly verifying payments using their mobile banking apps. 

Customers may conduct cryptocurrency transactions on their own time thanks to the procedure, which uses payment rails to make funds available to users in minutes. 

Following this announcement in September 2023, the firms have said that Easy Bank Transfers will be made available to all users in the Netherlands. 

Regarding TrueLayer 

An Open Banking payment network is TrueLayer. By fusing real-time bank transfers with financial and identity information, it seeks to enable safer and quicker online payments. Its solutions are used by both large and small businesses to onboard new users, receive payments, and process rewards. 

TrueLayer has over 10 million users worldwide and operates in 21 countries.  

Accelerating Cryptocurrency Adoption

The launch gives the already rapid acceptance of cryptocurrencies by consumers further impetus. Only in the first quarter of 2023 did Coinbase add 9 million verified users, bringing the total to 89 million globally. This expansion is consistent with rising cryptocurrency ownership and spending in the majority of wealthy nations.

According to recent reports, global assets under management in cryptocurrency hedge funds have doubled in less than a year. Early adopters already realized that blockchain is the future foundation for banking and more, and institutional stakes now confirm this.

While market volatility persists, current trends indicate that institutional and retail sectors are increasingly adopting cryptocurrencies. Profit potential is created by this increased access, but risk profiles are also elevated. The seamless conversion of traditional and digital assets increases the demand for sophisticated and impartial oversight.

Cryptocurrency supporters claim it liberates people from the control of banks and governments. But is unrestrained financial freedom actually advantageous to society as a whole?

On the one hand, direct asset ownership gives the people more authority. Costs and friction are always introduced by intermediaries. Middlemen frequently prevent the disadvantaged from having access to inclusion.

In nations where many people lack bank accounts, cryptocurrency has already given financial services to those nations' residents. Compared to Western Union, remittances utilizing Bitcoin reach families quicker and more affordable. Transactions that are uncensored enable capital controls to be circumvented.

But just as governments concentrate power, so do unrestrained free markets. The majority of mining pools with significant hash power are a select few. Prices are disproportionately influenced by the number of "whales". Both disorderly and chaotic capital flows have the potential to cause macroeconomic instability.

True decentralization improves autonomy but calls for careful upkeep. Blockchain networks that are open should deter monopolization by special interests. However, members must maintain continuing responsibility and openness.

The freedom provided by cryptocurrencies, like democracy, is neither ideal nor everlasting. However, with careful consideration and engagement, risks can be reduced and the promise of empowering common people can be realized.

What Are The Risks Of This Accelerating Cryptocurrency Adoption?

Lower costs and quicker access are definitely appealing. However, long-term expenses frequently accompany short-term benefits. If handled carelessly, crypto's fast growth might lead to unanticipated disasters, similar to what happened in 2008 with subprime lending and credit default swaps.

Already, excessive price fluctuation invites risky levels of speculation. The gambling attitude infuses asset investing; does fast wealth creation actually create lasting prosperity? Additionally, wealth itself concentrates more in the hands of a select few with access to it.

Furthermore, what little control there is in the cryptosphere regularly fails or completely breaks down. Hacks siphon off user payments, while fraud and ruses proliferate. Miners pool together into centralized organizations that have the combined power to topple blockchains.

Without responsible regulation, this financial free-for-all will favor the wealthy while excluding the weak. Furthermore, reckless instability traditionally causes the greatest harm to regular people.

Decentralized finance can indeed increase access. However, only if the genuine decentralization of open networks manages to fend off vested interests. Transparent and ethical foundations are necessary for the greater benefit. Progress is not produced magically by technology alone.

More About Coinbase

Coinbase announced its intention to build a financing facility targeted at significant institutional investors in September 2023. The business planned to launch a platform for lending digital assets to big institutional investors. A total of USD 57 million in funding had been provided towards the launch of Coinbase's crypto-lending business. 

With the support of the integration of Interac payment rails, banking and payment partners, Coinbase launched in Canada in August 2023, facilitating fund transactions and establishing Coinbase One. Numerous factors, including the fact that Canada is the third-most crypto-aware country in the world and has a vibrant local tech sector, contributed to Coinbase's decision to enter the Canadian crypto market. This opinion was further supported by a survey conducted by the Ontario Securities Commission, which found that over 30% of Canadians plan to explore the world of crypto assets this year. 




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