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Coinbase surprises users with "12 days of [Christmas]"Feature
Last Monday, Coinbase, the world's most valuable encryption company, revealed it would launch a "12 Days of Coinbase" initiative, an obvious reference to the age-old Christmas song of a similar title. In an announcement related to this program, the San Francisco-based platform revealed that 12 days was the culmination of its development efforts for 2018.
Keeping this in mind, the company explained that it would make a relevant announcement every day, whether it be a new feature, a business plan or any other middle ground. Only a week after the launch of this holiday-inspired initiative, on the 8th, the $ 8 billion parvenu has probably released the most exciting feature of the 12 days so far.
Starting today, you can convert one encryption to another on Coinbase. Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX) or Bitcoin Cash (BCH).
It is day 8 of 12 days of Coinbase. Further information: https://t.co/VshJf7FOMZ pic.twitter.com/wLyJPfkKcA– Coinbase (@coinbase) December 17, 2018
At noon on December 17, Coinbase took its Twitter page to unveil a feature its retail users have been clamoring for since Ethereum (ETH) has been added to the multinational platform. For a post published in tandem with the Coinbase tweet, this function, called "Convert", will allow users to exchange a cryptocurrency with another on the offer focused on the consumer of the company.
Convert will allow traders to issue crypto-to-crypto instantly, and presumably to a "lesser than if done via two separate transactions." The start will charge a targeted spread of 1%, but the commission may vary, in particular due to "market fluctuations". This function will be "gradually" implemented by Coinbase customers in the 34 countries that have access to "access to native payment".
In closing, the company claimed that this new feature is part of Coinbase's mission to build an open financial system for the world.
Coinbase that opens up to the Altcoins
This move only underlines the rediscovered affection of Coinbase for the altcoins, which has shocked the industry in general, as in the past, the launch has expressed a copious amount of hesitation towards the listing of non-Bitcoin digital assets. However, the fact is that, in the bear market of 2018, the American giant probably weighed its options and decided to move its business in a single direction.
For previous Ethereum World News reports published in September, Dan Romero, general manager of Coinbase, took part in the CNBC "Fast Money" segment to discuss the issue. Romero, who quickly climbed to the top of the startup hierarchy, explained Coinbase's vision for his altcoin friendly plan:
Ultimately, cryptography is a global phenomenon. You have software developers and entrepreneurs all over the world who build products on top of cryptography, and are unlocking many use cases, particularly in emerging markets. I think we should move as a company towards a more global perspective.
Only a few months after this revelation, the platform remained faithful to his word, listing a series of altcoins, some known, others not so much, in rapid succession. At the time of writing this article, Pro, the bootstrap for startup support, currently lists the "Coinbase Five" (BTC, BCH, ETH, LTC and ETC), ZCash (ZEC) ), 0x (ZRX), BAT, Decentraland (MANA), LOOM, Civic (CVC) and district0x (DNT).
The startup also stated that it intends to "explore" by offering support for an extensive list of altcoins, namely Stellar Lumens (XLM), XRP, Cardano, NEO and Tezos (XTZ). Seeing that the company has made good its "exploration" of resources previously, it can be assumed that the tokens on the list, partially transmitted above, will be added in due course.
Title Image Courtesy of Marco Verch Via Flickr
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