Coinbase Expands Crypto Trading
The major US-based wallet service provider and cryptocurrency exchange Coinbase has expanded its crypto-to-crypto trading operations to new countries. According to an official blog post published on April 17, Coinbase and Coinbase Pro (the company’s professional trading platform) have launched these trading operations in another 11 countries spread across Asia and Latin America.
Cryptos Moving to the Utility Phase
The 11 countries that will now have access to Coinbase and Coinbase Pro’s crypto-to-crypto trading platform are Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Mexico, New Zealand, Peru, the Philippines and South Korea.
With this expansion, the company now has a presence in 53 countries spread across 4 continents.
Now, users in these countries will be able to trade, send and receive as well as store cryptos using Coinbase. Crypto-to-crypto trading support was added for retail users in December of last year, prior to which this service was only available to professional traders.
In its blog post, the crypto exchange indicates that cryptocurrencies are now evolving from the investment phase they are currently in, towards a utility phase. Coinbase explains this is evidenced from the number of new use cases for cryptos that have emerged in recent times.
The blog further explains that these use cases could evolve into decentralized versions of traditional services offered by the finance sector such as micropayments or even lending. The crypto space could even present unique applications of the technology that no one has thought of so far.
Coinbase feels that the backbone of this new economy will be the ability to convert a cryptocurrency into another.
New Developments at Coinbase
In recent times, Coinbase has been introducing numerous new products and services to its platform. The company has introduced several new cryptocurrencies on its trading platforms, including EOS, Augur and Maker.
The company has also expanded its operations to include cross-border remittances. This new offering purportedly allows users to send as well as receive money instantly. It also allows users to convert their cryptocurrencies into local fiat currencies.
Earlier this month, Coinbase also launched its new debit card in partnership with Visa, called the Coinbase Card. This card allows users in the UK to pay for products and services online as well as in brick-and-mortar stores using cryptocurrencies.
The Coinbase Card service instantly converts a user’s cryptocurrencies into fiat currency so that the transaction can be completed – just like a traditional debit card.