Users of the popular crypto platform Coinbase can now trade cryptocurrencies against other cryptos on its platform. The information was released by Coinbase on Monday.
There are many other companies in the market that are already offering these services. Users at Coinbase were also waiting for this new feature. The new feature is called Coinbase Convert and it will allow users on the Android and iOS app and Coinbase.com to trade bitcoin pairs in the coming days.
Anna Marie Clifton, product manager at Coinbase, explained that this functionality will allow users to directly convert one virtual currency into another in a very easy way.
About it, she commented:
“The functionality is giving customers the ability to directly convert between one cryptocurrency and another, which is pretty advanced.”
In general users of the platform that purchased Bitcoin will now be able to exchange it for another cryptocurrency reducing the steps required in order to do so. Furthermore, these trading pairs are usually used by individuals that want to have exposure or contact with other digital assets rather than by traders.
Bitcoin will be able to be converted to Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), and 0x (ZRX). In the future, new trading pairs could be added to the platform.
Coinbase has been trying to expand in the market adding support for new tokens and cryptocurrencies during the last few months. The bar market has affected several companies, and Coinbase is not the exception.
There are several crypto exchanges with many hundreds of trading pairs available. Until the end of 2017, Coinbase only had 4 cryptocurrencies listed on its exchange. With new trading pairs, including crypto-to-crypto pairs, the company seems to increase the number of users trading on the platform.
Clifton explained that they will continue iterating on the product and expanding the conditionality even further.