Crypto Exchange Coinbase Enables Direct Digital Asset Conversions

Announcements, News | December 18, 2018 By:

Crypto exchange Coinbase has rolled out a new feature that allows customers to convert one cryptocurrency into another.

Called Convert, the new feature will initially allow conversions between bitcoin (BTC) and ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH). The new feature will be available on coinbase.com and the company’s iOS and Android apps.

“With a Digital Currency Conversion, you can accomplish in a single transaction what would otherwise require two separate transactions,” the exchange said. “For example, you could directly convert bitcoin to ethereum (a Digital Currency Conversion), or you could sell bitcoin and then purchase ethereum (a Digital Currency Sale followed by a Digital Currency Purchase).”

The new service will be made available to customers in all 34 countries, in which Coinbase offers native payment access. The company will gather customer feedback along the way and continue to iterate on the feature over time.

“Our product teams are thinking deeply about new ways to democratize the best of cryptocurrency, and the ability to easily convert one asset to another is an important step on this path,” the company said.

The announcement of the new crypto conversion feature is part of its “12 Days of Coinbase” promotional campaign that started on December 10. Some of the other recent announcements include the expansion of its e-gift card program to customers in the US, empowering Venezuelan families with GiveCrypto, a new watchlist that allows customers to customize their dashboard, enabling PayPal withdrawals for US customers, and a bitcoin donation to support more than 150 Syrian refugees in Greece.