The latest addition to the program is Coinbase’s initiative to bring in direct cryptocurrency conversions on the platform. The company’s official blog had stated:
“As a crypto-first company, it’s important that we build features that let people take advantage of the unique attributes of cryptocurrency. That’s why we’re beginning to roll out a new feature called Convert, which customers can use to convert one cryptocurrency into another.”
The Brian Armstrong-led company has said that in the beginning, customers will only convert between Bitcoin [BTC], Ethereum [ETH], Ethereum Classic [ETC], Litecoin [LTC], 0x and Bitcoin Cash [BCH]. Users of the feature will be able to conduct conversions on the company’s website as well as the official applications provided on Android and iOS.
The feature is provided so that conversions can be done in just one transaction rather than two. Coinbase 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).”
Coinbase has revealed that they will charge one percent of the total transaction amount, which can differ depending on the market fluctuations in the price of the cryptocurrencies. The organization has gone ahead and stated that the new conversion feature will be launched in 34 countries soon. The blog also said:
“By focusing on ease of use, and designing for simplicity, we’ve tried to make crypto more accessible to everyone. This latest feature that allows customers to convert from one crypto directly into another is a natural progression of this journey.”
The other major feature launched by Coinbase that caused a lot of furor is the free PayPal withdrawals. The news had split the community as a lot of the users’ PayPal accounts were frozen without any notice or warning, with some accounts even being blocked for a massive 180 days. Irish Girl Cryptocurrency, a Twitter user had said:
“Paypal was linked with you before I was click baited into making account after reading you could use paypal! It was only for withdraws This is the reason I tried selling crypto on #Paypal which they banned me for life before Chrismas last year! No warning, no appeal, Frozen $$$”
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