Coinbase has been announcing news after news for the last few days as part of its 12 Days of Consecutive Announcement. Their latest announcement – Coinbase allows direct conversion of cryptocurrencies into other digital assets! Coinbase is rushing to make it more accessible for everyday investors.
Coinbase’s latest announcement announcing this direct conversion, called “Convert”, the exchange claims that this is a much faster and cheaper experience than buying and selling into a different digital asset. This is the process most investors go through. With Convert, investors could convert between Bitcoin, Ethereum , Ethereum Classic, Bitcoin Cash, Litecoin, and 0X, with support expected to come for the other tokens offered by Coinbase.
A trader, now, would have to sell their asset into Bitcoin and then purchase their digital token, such as Litecoin – this results in two separate transactions with two different fees. With Convert, a customer’s Bitcoin could be converted directly into Litecoin. From Coinbase’s price page, Coinbase would charge a 1% spread for conversions on its platform. The spread is not fixed – it could go higher and lower due to the volatility in the market.
“Spread may be higher or lower due to the market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes. We do not charge a separate Coinbase Fee for Digital Currency Conversions.”
Coinbase said that they would release the feature to customers in “all 34 countries in which Coinbase offers native payment access.” The feature is currently available only on the website on the mobile app.
Last week, Coinbase announced its new partnership with Paypal, allowing US Customers to move their fiat balances from Coinbase to Paypal for free. Before this process, Coinbase US customers had to wait up to 2 business days before they could withdraw their cash from the exchange. The process with Paypal is now stress-free, cheap, and most importantly, accessible.
“These withdrawals are not only fast; they’re free and incur no fees. No, moving your cryptocurrency to cash is easier and more affordable than ever.” Project manager Allen Osgood wrote for Coinbase on their blog. He emphasized that the new feature and partnership was in response to requests by customers who have been wanting flexibility in terms of when and how they want to use their cryptocurrency.
“This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash.”
We’ve got banks wanting to get into the space. We’ve got Bakkt coming in 2019. We’ve got crypto-friendly legislation pending in the United States. Where will you be when the ball drops and the next bull run hits cryptocurrency? Let us know on our Facebook page!
