The latest addition to the program is the Coinbase initiative to introduce direct cryptocurrency conversions on the platform. The official company blog stated:
"As an encrypted company, it's important to create capabilities that allow people to take advantage of the unique attributes of cryptocurrency, which is why we're starting to implement a new feature called Convert, which customers can use to convert a cryptocurrency into another."
The company led by Brian Armstrong said that in the beginning, customers will only be able to convert between Bitcoins [BTC], Ethereum [ETH], Ethereum Classic [ETC], Litecoin [LTC], 0x and Bitcoin Cash [BCH]. Users of the feature will be able to perform conversions on the company's website and official applications provided on Android and iOS.
The function is provided so that conversions can be performed in one transaction instead of two. Coinbase said:
"For example, you can convert Bitcoin directly into Ethereum (a digital currency conversion), or sell Bitcoin and then buy Ethereum (a digital currency sale followed by a digital currency purchase)."
Coinbase has revealed that it will charge 1% of the total amount of the transaction, which may vary based on fluctuations in the cryptocurrency market. The organization went ahead and declared that the new conversion feature will soon be launched in 34 countries. The blog also said:
"By focusing on ease of use and design for simplicity, we have tried to make encryption more accessible to everyone.This latest feature that allows customers to convert from one cryptography directly into one is a natural progression of this travel. "
The other main feature launched by Coinbase which caused a lot of fury is the free withdrawal by PayPal. The news split the community because many users' PayPal accounts were frozen without warning or warning, with some accounts locked for 180 days. Irish Girl Cryptocurrency, a Twitter user said:
"Paypal was connected to you before I was called back to account after reading that you could use paypal! It was only for withdrawals This is why I tried to sell crypto on #Paypal that banned me all my life before of Chrismas last year! No warning, no recourse, Frozen $$$ "
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