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Users of Coinbase can start trading cryptocurrencies directly with other cryptocurrencies, said the start of the exchange on Monday.
The company is adding crypto-to-crypto trading support for its retail clients, adding a feature that has long been available for professional cryptocurrency trading services, said product manager Anna Marie Clifton. Users on Coinbase.com, as well as apps for Android and iOS, will be able to start exchanging bitcoin pairs in the coming days through the new feature called Coinbase Convert.
He told CoinDesk that while trading pairs are "a fairly common paradigm in cryptographic trading space," they are not currently served by the general public at large.
"The functionality is giving customers the ability to convert directly between a cryptocurrency and another, which is quite advanced," he said.
Trading pairs have been developed based on user feedback, Clifton said.
Unlike professional trading services, which use these pairs to take advantage of price fluctuations, retail users are likely to use these pairs for more utilitarian purposes.
As an example, he said, some customers bought bitcoins but now they want to interact with decentralized applications (dapps) and therefore have to convert their positions.
"I think one of the most amazing things was seeing many customers frustrated because they wanted to use the product right away [but] it required two trading commissions, "he said.
Initially, Coinbase Convert will support bitcoin trading pairs, with customers able to convert into cash bitcoins, ethereum, ethereum classic, litecoin and 0x. Other pairs can be added in the future based on customer feedback.
The exchange produced functionality in the last week, with small groups seeing the new couples last week. The function will be "gradually" implemented in each of the different countries. Coinbase offers access to native payments in.
"We will continue to repeat the product and expand functionality," said Clifton. "An increasing number of customers will have this functionality available."
Image via Shutterstock
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