Coinbase Introducing Crypto-to-Crypto Trading

| Publish date: 12/18/2018
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The San Francisco based wallet service and cryptocurrency exchange Coinbase announced that it is launching its new service called Coinbase Convert. According to the company’s official statement, this new service will offer crypto-to-crypto trading support for its customers.

A New Service for Retail Customers

According to Coinbase’s product manager Anna Marie Clifton, crypto-to-crypto trading is a feature that has long been available to professional trading services. However, now, this feature will now also be available to the crypto exchange’s retail customers.

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Users on Coinbase.com, and also the exchange’s iOS and Android apps, will be allowed to trade in Bitcoin pairs in the next few days using Coinbase Convert. Clifton stated that this new service will allow customers to directly convert between currencies, which is a very advanced feature for the industry. Clifton also stated that the cryptocurrency trading pairs had been chosen basis customer feedback.

Initially, Coinbase Convert will only provide support for Bitcoin trading pairs. Customers will be able to convert their Bitcoin into Ether (ETH), Litecoin (LTC), Bitcoin Cash (BCH), Ethereum Classic (ETC) and 0x (ZRX).

Clifton stated that more trading pairs could be added to the service in the future, based on customer feedback.

Crypto-to-Crypto Trading

Professional trading services use cryptocurrency trading pairs to take advantage of the price fluctuations in the market. However, according to Clifton, retail customers will probably use this facility for more practical purposes.

An example she gave was the case of customers who had bought Bitcoins, but then wanted to interact with Dapps (Decentralized Applications), which meant that they needed to convert their holdings into another cryptocurrency.

One of the biggest bugbears that customers had in these situations was that they wanted to use their cryptocurrencies immediately but it needed two separate trading fees to make the transaction possible.

Coinbase Convert will be available to users in 34 different countries where the exchange offers local payment access.

“12 Days of Coinbase”

Since December 10, the cryptocurrency exchange has been rolling out new services to its customers as a part of its 12 Days of Coinbase promo campaign, which is a play on the traditional Christmas song 12 Days of Christmas.

On December 14, Coinbase launched its new offering – customers can now withdraw their fiat currencies to the payment service PayPal. Currently, the service is only available to customers in the US, but the exchange will slowly introduce this service to other locations.

Besides introducing new offerings on its exchange, the 12 Days of Coinbase campaign will also include educational as well as charitable initiatives.

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