Coinbase users can begin trading cryptocurrencies directly with other cryptocurrencies.
The company announced the support of instant withdrawals through PayPal for their U.S. customers. Conversions are now available between and Ethereum, Ethereum Classic, Litecoin, 0x, or Bitcoin Cash.
The exchange claims the new feature is way cheaper than selling and buying a different digital asset, which is the process most investors go through.
So, a trader can directly convert Bitcoin to Bitcoin Cash, rather than sell Bitcoin and then purchase Bitcoin Cash, which becomes two separate transactions with double fees.
According to its pricing page, Coinbase would charge a spread of 1% for the conversion of digital assets on its platform. This fee is not fixed, as it could go higher or lower due to the volatility in the market.
Allen Osgood wrote on Coinbase’s blog that the new feature was in response to customer’s request who clamored for flexibility using their cryptocurrencies as they want and when they want.
“This integration is a big step forward in realizing that vision, allowing you to smoothly and instantly transfer your funds to cash.”
The new feature will purportedly be made available to customers in 34 different countries, wherein Coinbase offers native payment access. According to the exchange, Convert is a “natural progression” in the platform’s development.