Coinbase is now new and improved—watch out Binance! The US’s most popular cryptocurrency exchange announced yesterday it has added crypto-to-crypto trading.
Coinbase Crypto-to-Crypto Trading
Starting today, you can convert one crypto to another on Coinbase. Conversions are available between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH).
It's Day 8 of 12 Days of Coinbase. Learn more: https://t.co/VshJf7FOMZ pic.twitter.com/wLyJPfkKcA
— Coinbase (@coinbase) December 17, 2018
Starting today on the exchange, investors are now able to convert between six different digital currencies. This is all part of the company’s new marketing initiative, called the ’12 Days of Coinbase.’ Each day at noon PST, the company plans on announcing new features, support for new digital currencies and more.
All crypto-to-crypto conversions are completed instantly, and it will cost less than performing two separate transactions. Coinbase is charging a 1% spread for the conversion. This fee is not fixed and could go up and down due to the volatility of the market. Currently, this feature is only available to US investors. The cryptocurrency exchange hopes it can roll out this feature soon to the other 34 countries it operates out of.
The other major update to the platform has been instant PayPal withdrawals and today’s announcement has yet to come.
Binance vs. Coinbase?
Once the announcement spread of the crypto-to-crypto trading that is now available on the US exchange, a major debate sparked in the crypto community.
Who do you align with? Choose carefully.
— The Crypto Dog📈 (@TheCryptoDog) December 17, 2018
However, the CEO of Binance quickly shot down the debate. Maybe his company is feeling some pressure?
Doesn't have to be a competition. Market is still small. We are so far away from saturation point. While we have some overlaps, we are different on: strategy/product/geography/even tweeting style. Brian and I chat from time to time, on growing the industry together, like USDC. https://t.co/whTALqXhNt
— CZ Binance (@cz_binance) December 18, 2018
According to CoinMarketCap, Binance still remains the top used digital currency exchange. Its 24-hour trade volume is sitting just under $1 billion. Coinbase Pro is currently the 23rd largest cryptocurrency exchange on the index by 24-hour trade volume. Doesn’t seem like much of a competition if you ask me. Binance has far more coins to choose from, although Coinbase is working on adding new altcoins to its platform as we speak.
Earlier this month, Coinbase announced it’s exploring adding an additional 30+ coins to its platform.
Featured Image: Depositphotos/Piter2121