The initiative of the exchange company located in California will allow changing from one cryptocurrency to another and reducing the final cost of the exchanges, by making the process shorter
Coinbase, the main US digital currency exchange, announced the launch of a crypto to crypto converter, which, through its platform, will allow users to make exchanges between cryptocurrency without having to perform two transactions separately. The name of this new functionality is Coinbase Convert.
The purpose will benefit retail customers, adding that this feature was already available for the professional cryptocurrency business. Initially, the platform will support trading pairs between Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum Classic(ETC), Ethereum (ETH), Litecoin (LTC) and 0x (ZRX) cryptocurrencies.
“Starting today, you can convert one crypto to another on Coinbase. Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin(LTC), 0x (ZRX), or Bitcoin Cash (BCH). It is day 8th of 12thdays of Coinbase”, the company said on its official Twitter account on
Last Monday, Coinbase reported on its blog Medium that the conversions are made instantly and represent a lower cost than if two transactions were made separately. It directly transforms Bitcoin into Ethereum instead of selling Bitcoin and then buying Ethereum, for example.
As highlighted in the list of exchange prices, in the digital currency conversions section, the cost of this conversion would have a 1% commission rate, which may be higher or lower depending on market fluctuations.
“We set out to build an easy to use, highly secure and reliable experience for anyone to buy or sell Bitcoin. By focusing on ease of use and designing for simplicity, we have tried to make encryption more accessible for everyone. This last feature, which allows customers to convert from one crypto directly to another, is a natural progression of this trip”, the company added in its statement.
Coinbase plans to bring the possibility of converting Bitcoins and altcoins for customers residing in the 34 countries in which Coinbase offers native payment access. Currently, the new feature is available in Coinbase.com, on iOS and Android applications.
This month, Coinbasepresented other of its developments by launching PayPal withdrawals for USstock exchange clients. Users can now withdraw balances from Coinbase to PayPal instantly at no charge. The new service allows customers to instantly convert their cryptocurrencies into fiat currencies and these withdrawal options that are available on the platform make it faster to withdraw Coinbase cryptocurrencies.
Coinbase seeks to be fit to its users and to catch new ones. It is a secure platform that makes it easy to buy, sell, and store cryptocurrencies such as Bitcoin and Ethereum.
Earlier this month, the exchange company announced the inclusion of four ERC 20 tokens on its Coinbase Pro professional trading platform, which are Civic (CVC), district0x(DNT), Loom Network (LOOM) and Decentral and (MANA).
By María Rodríguez