Coinbase Announces Support for Crypto-to-crypto trading services for Retail Traders

0
1057
Photo Credit: Bitcoinist

In another recent upgrade, Coinbase one of the leading crypto trading platforms, has announced that users can now start trading cryptocurrencies directly with other crypto pairs.

Speaking about the announcement, the company stated that it has added support for crypto-to-crypto trading for its retail customers. While this feature has long been available to professional cryptocurrency trading services, Coinbase remarked that retail customers can now enjoy the same service. What this means is  that users on Coinbase.com as well as those using their Android or iOS apps, will now be able to trade bitcoin pairs in the coming days through the new feature the exchange calls Coinbase Convert.

Reacting to the announcement, product manager at Coinbase, Anna Marie Clinton remarked that while trading pairs are “a pretty common paradigm in the crypto trading space,” they are not currently available to a large majority of retail audience.

“The functionality is giving customers the ability to directly convert between one cryptocurrency and another, which is pretty advanced,” she added.

According to her, the recent feature was rolled out based on user feedback. And unlike professional trading services where traders use such crypto pairs to take advantage of price fluctuations, retails users are more likely touse this functionality for more utilitarian purposes.

Speaking further, Anna remarked that:

“I think one of the things that was most surprising was seeing a lot of customers frustrated because they wanted to use the product immediately [but] it required two trading fees.”

With this feature, Coinbase Convert will support bitcoin trading pairs. This will allow customers to easily convert to bitcoin cash,ethereum, ethereum classic, litecoin and 0x. And based on customer feedback,the exchange may add other trading pairs in the future.

Over the last couple of weeks, Coinbase has been steadily rolling out new functionality, with a small fraction of its customers reportedly seeing new trading pairs last week. Also, the exchange reportedly stated that it would be gradually rolling out the new feature to different countries where its services are available.