Coinbase announced earlier this week it is now offering crypto conversions of its platform. The conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH). While sharing details about the new process, Coinbase stated:
“As a crypto-first company, it’s important that we build features that let people take advantage of the unique attributes of cryptocurrency. That’s why we’re beginning to roll out a new feature called Convert, which customers can use to convert one cryptocurrency into another.”
Coinbase reported converting is available on its website, as well as the iOS and Android apps. Each of the conversions completed is instant and at a lower cost than if done through two separate transactions. Coinbase also revealed:
“We’ll be gradually rolling out the ability to convert cryptocurrencies to customers in all 34 countries in which Coinbase offers native payment access. We’ll gather customer feedback along the way and continue to iterate on the feature over time. Our product teams are thinking deeply about new ways to democratize the best of cryptocurrency, and the ability to easily convert one asset to another is an important step on this path.”
The cryptocurrency platform then added:
“When Coinbase was founded, the only products that connected wallets to the Bitcoin blockchain were technical and complex. We set out to build an easy-to-use, highly secure, and trusted experience for anyone to buy or sell Bitcoin. By focusing on ease of use, and designing for simplicity, we’ve tried to make crypto more accessible to everyone. This latest feature that allows customers to convert from one crypto directly into another is a natural progression of this journey.”
