Coinbase Convert

What is it and why do you need it?

By Sophie Ogden - 19/12/2018

Cryptocurrency, Coinbase, Bitcoin

Coinbase users can now begin trading cryptocurrencies directly with other cryptocurrencies.

The company is adding support for crypto-to-crypto trading for its retail customers, adding an updated feature that has been available to professional cryptocurrency trading services for a long time. Users on Coinbase.com, along with Android and iOS apps, will be able to begin trading bitcoin pairs in the coming days through the new feature, called Coinbase Convert. For those who are unaware Bitcoin pairs describes a trade between one type of cryptocurrency and another.

Coinbase product manager Anna Marie Clifton states that: “The functionality is giving customers the ability to directly convert between one cryptocurrency and another, which is pretty advanced,” The trading pairs were developed based on user feedback.

Unlike professional trading services, which use such pairs to take advantage of price fluctuations, retail users are likely to use these pairs for more utilitarian purposes.

As one example, she said, some customers have purchased bitcoin but now want to interact with decentralised applications (dapps), and therefore need to convert their holdings.“I think one of the things that was most surprising was seeing a lot of customers frustrated because they wanted to use the product immediately [but] it required two trading fees,” Clifton said.

Initially, Coinbase Convert will support bitcoin trading pairs, with customers able to convert to bitcoin cash, ethereum, ethereum classic, litecoin and 0x. More pairs may be added in future based on customer feedback.

The exchange has been rolling out the functionality over the past week, with small groups seeing the new pairs last week. The feature will be “gradually” rolled out to each of the different countries Coinbase offers native payment access in.

“We’ll continue iterating on the product and expanding the functionality,” Clifton said. “An increasingly large number of customers will have this functionality available.”

Would you like to see more functionality between Cryptocurrencies? Would this make you feel more secure about your investment options?

 

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