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Coinbase Forays Into 11 More Countries with Its Crypto-to-Crypto Trading Services

UTC by Darya Rudz · 3 min read
Coinbase Forays Into 11 More Countries with Its Crypto-to-Crypto Trading Services
Photo: The Coinbase Blog

Now Coinbase supports 53 countries and territories across four continents and opens up to a combined market of over 2 billion people.

Coinbase, the US leading exchange and wallet provider, has expanded the geography of its crypto-to-crypto trading service launched last year. Earlier, Coinbase was available in 42 countries, mostly in North America, Europe, Australia, and Singapore. Now, 11 more countries from Latin America and South East Asia have access to the product. They include Argentina, Mexico, Peru, Colombia, Chile, India, Hong Kong, South Korea, Indonesia, the Philippines, and New Zealand.

With the latest additions, Coinbase now supports 53 countries and territories across four continents and opens up to a combined market of over 2 billion people.

Crypto-to-crypto trading service allows Coinbase customers to store, trade, send and receive cryptocurrencies on Coinbase Pro and Coinbase.com. According to the exchange, crypto-to-crypto transactions now represent the majority of trades on Coinbase, not fiat. In August 2018, its total made up 41 percent of all Coinbase transactions, in February 2019 this figures grew up to 51 percent.

The company’s blog post reads:

“Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe.”

Further, Coinbase said:

“As crypto moves from the current “investment phase” into what we call the “utility phase,” a host of new use cases will present themselves. 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.”

Within the last year, Coinbase has expanded its range of supported cryptocurrencies and currently supports 19 crypto-assets. Among the latest added cryptos are EOS, Augur (REP) and Maker (MKR). As for the choice of these assets to be added, Coinbase explains it by the associated functionality of each of them.

Moreover, Coinbase supports a stablecoin USDC that depends on the value of the US dollar. Coinbase stated:

“USDC is available in most of the recently supported countries through Coinbase Pro. As we continue to receive feedback from our customers, we’ll support USDC in more markets and platforms based on what will offer them the best trading experience.”

Recently, the exchange has also launched a Visa debit card for the UK and EU customers. The service allows users to make in-store and online purchases by converting crypto to fiat instantly.

Will Coinbase Add Crypto-To-Fiat Conversions?

Currently, there are no crypto-to-fiat conversions on Coinbase, and it is unclear whether fiat gateways in new markets will be launched.

A representative of the exchange said:

“We may add fiat to crypto support depending on the different demands and requirements of each of the countries.”

If added crypto-to-fiat conversions will definitely pay off, as there are markets for which it will be especially important.

Altcoin News, Bitcoin News, Cryptocurrency News, News
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