Coinbase announced earlier this week that it now offers cryptographic conversions of its platform. Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX) or Bitcoin Cash (BCH). While sharing the details about the new process, Coinbase said:
"As a first cryptocurrency, it's important to create features that allow people to take advantage of the unique attributes of cryptocurrency. That's why we're starting to implement a new feature called Convert, which customers can use to convert a cryptocurrency into another."
The conversion reported by Coinbase is available on its website, as well as on the iOS and Android apps. Each of the completed conversions is instantaneous and at a lower cost than if made through two separate transactions. Coinbase also revealed:
"We are gradually implementing the ability to convert cryptocurrencies into customers in all 34 countries where Coinbase offers native access to payments. We will collect customer feedback along the way and continue to iterate over time. Our teams of products are reflecting deeply on new ways to democratize the best of cryptocurrency and the ability to easily convert one asset into another is an important step in this path. "
The cryptocurrency platform then added:
"When Coinbase was founded, the only products that linked wallets to the Bitcoin blockchain were technical and complex. We decided to create an easy-to-use, highly secure and reliable experience for anyone to buy or sell Bitcoins. 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 a crypt to another directly is a natural progression of this journey. "