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Cryptocurrency exchange Coinbase has announced that it is rolling out a new feature that would allow its customers to convert one cryptocurrency into another.
The feature, called “Convert,” will initially allow conversions between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH).
“Converting is available on Coinbase.com and in the iOS and Android apps. Conversions complete instantly and at a lower cost than if done via two separate transactions,” Coinbase said in an online post.
This means that users would be able to directly convert bitcoin to Ethereum, instead of selling bitcoin and then purchasing Ethereum (two separate transactions).
“Coinbase charges a Spread of one percent (1.00%) for Digital Currency Conversions. However, the actual Spread may be higher or lower due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes. We do not charge a separate Coinbase Fee for Digital Currency Conversions,” Coinbase clarified.
The exchange said that it will gradually extend this feature to customers in all 34 countries in which it offers native payment access.
“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,” it added.
The announcement is the latest in the series of announcements Coinbase intends to make till December 21. Some of the other recent announcements include bitcoin donation to support underserved Syrian refugees in Greece, enabling PayPal withdrawals for U.S. customers, and the expansion of its e-gift card program to its customers in the U.S.
