One of the most famous cryptocurrency exchanges, Coinbase, is expanding crypto-to-crypto conversions and trading services to 11 more countries.
Coinbase is a San Francisco-based firm. The announcement of expansion was made in a blog post, saying that customers in Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines, and New Zealand can now access crypto-to-crypto exchanging services.
The company said that it is offering the services via both Coinbase.com as well as Coinbase Pro, its professional trading platform.
After expansion to 11 more major countries, Coinbase now has a presence in a total of 53 countries across four continents. The earlier stat was 32 countries in two continents. The stats were confirmed through the announcement.
The blog post revealing all the information also states that direct trading between cryptocurrencies, in general, has overtaken traditional fiat-to-crypto trading across the globe last year.
If we take a look at the industry-wide “verified” trading volume figures, Coinbase says that crypto-to-crypto trades formed 51 percent of the total in February 2019 as compared to 41 percent in August 2018.
Coinbase added crypto-to-crypto trading support for retail customers last December, enabling them to access the service through Coinbase.com as well as the Android and iOS apps. Earlier, the support was available only to professional customers.
Coinbase customers in the aforementioned countries can now store, trade, send, and receive cryptocurrencies. The exchange suggests in the post that cryptocurrencies’ are moving from the current “investment phase” into the “utility phase” following a number of new use cases.
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”
Coinbase introduced several new developments, including adding support for EOS (EOS), Augur (REP) and Maker (MKR) and expanding into cross-border payments recently. The latter development reportedly enables users to send and receive money instantly, as well as convert them into local currency.
Earlier in April, Coinbase also launched Coinbase Card with Visa, which enables its United Kingdom-based customers to pay in-store and online with cryptocurrency. The new service allows Coinbase to instantly convert customers’ cryptocurrency funds into fiat currency in order to complete the purchase.
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