According to the announcement made on Monday by Coinbase, the users of the exchange platform will be allowed to trade one crypto directly for another.
Now retail customers of the company have received access to the feature that could be used only by professional crypto trading services. The company product manager announced about the support for ordinary users for trading one crypto coin to another. Anna Marie Clifton told that this feature has received the name Coinbase Convert and will be available for users in the nearest future.
She admitted that it is a very common experience to trade crypto coins by pairs, but unfortunately, this function has not been available for retail users yet.
She told that now clients have received an opportunity to convert crypto to crypto quickly and it is an advanced feature of the platform. Clifton also informed that it was user feedback that helped to develop trading pairs.
If to speak about professional trading services, the following pairs are used by them to benefit from price fluctuations, but retail clients can take advantage of these pairs for many different purposes. She offered an example when clients who have once bought BTC as an investment, can now decide to work with dapps and require currency conversion for this purpose.
She told that many customers admit being frustrated by the necessity to pay 2 trading fees to get a necessary conversion.
Today, only some of the tokens can be converted using Coinbase Convert. These are the most popular ones including BTC, ETH, LTC, BitCoin Cash and 0x. However, the platform is planning to extend this list on the basis of customer needs.
The following crypto exchange has already functioned for one week where new pairs are traded by small groups only. However, soon every country where Coinbase suggests native payment access will get access to this feature.
Clifton told that the company would put effort to iterate on every product and make functionality more various to be available for a bigger number of clients interested in it.