Leading cryptocurrency exchange Coinbase has announced that traders in a further 11 countries will now be able to use the platform for crypto-to-crypto trading. The countries are spread across Southeast Asia and Latin America, allowing the San Francisco-based exchange to increase their reach to 53 countries, spread across four continents.
It is offering the services through both Coinbase.com and Coinbase Pro, their professional trading platform.
Their blog post tells us that users in Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines and New Zealand can now sign up to access crypto-to-crypto trading options. They will be able to store, send and receive and trade cryptocurrencies “securely” and “quickly” but there will be no fiat gateway.
An unnamed source from Coinbase has suggested that they may add fiat-to-crypto support in the future, but it all depends on the demands and requirements of each country.
Coinbase Crypto-To-Crypto Trading Increasing
“Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe,” say Coinbase.
According to verified trading volume figures, crypto-to-crypto trades made for 51 percent of the total trades in February 2019 compared to the 41 percent during August 2018.
The exchange say that their mission of creating an open financial system for the world begins with making accessing crypto easy. With this announcement they say they are “happy to take an important step in that direction”.
The post points out that cryptocurrencies are moving from the current investment phase into the utility phase and that new use cases will present themselves. This could be “decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet”.
They believe that the ability to convert from one cryptocurrency to another will be the strength behind this vision of a new decentralized economy.
Earlier this month, we reported the launch of Coinbase Card, a Visa debit card that instantly converts cryptocurrencies into fiat when paying for items either in store or online. The card will allow customers in the UK to “spend crypto as effortlessly as the money in their bank”.
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