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Coinbase Adds Crypto-to-Crypto Trading

Distributed Summary:

  • The exchange giant has announced “Convert,” which will allow users to directly convert six major cryptocurrencies
  • Will roll out feature gradually while collecting feedback
  • The announcement is the latest in a string from Coinbase

Coinbase, one of the world’s largest cryptocurrency exchanges, will soon allow users to directly convert cryptocurrencies without the use of fiat.

Announced on the company’s blog, Coinbase’s “Convert” feature could have widespread implications. There was no clear timeline for its release, but the company wrote that it will be introduced gradually and that feedback will be gathered.

“As a crypto-first company, it’s important that we build features that let people take advantage of the unique attributes of cryptocurrency,” the announcement reads. As an added convenience, Coinbase also claimed that “conversions complete instantly and at a lower cost than if done via two separate transactions.”

Currently, the only crypto assets available for direct conversion are bitcoin, ether, bitcoin cash, eth classic, litecoin and 0x. However, this was noted to be just an initial list that will likely be added to over time. Convert will be accessible on Coinbase’s main website, as well as through its iOS and Android apps.

With lowered cost of conversion and instant transaction times, customers could have strong incentive to use convert as a cheap and easy way of navigating the crypto space. If Convert grows to support a diversified set of assets, Coinbase could become a one-stop shop in the industry.

This is not the only significant announcement Coinbase has made in recent days. Recently, Coinbase declared that it was looking at more than 30 cryptocurrencies to add to its platform. If even a fraction of these coins make it onto Convert, it could greatly increase the potential liquidity of these assets.

Browser Extension Lets Users Shop on Amazon With Lightning Network

Source: CoinDesk

The crypto payment processor Moon has announced that users can now leverage a Lightning Network wallet to pay for Amazon purchases through its browser extension. The extension also enables e-commerce payments with litecoin, ether and bitcoin cash through Coinbase accounts.

FinCEN Takes First-Ever Enforcement Action Against Cryptocurrency Trader

Source: FinCEN

The Financial Crimes Enforcement Network (FinCEN) has assessed a civil money penalty against a peer-to-peer bitcoin trader for violating anti-money laundering (AML) regulations, its first enforcement action against a cryptocurrency exchanger. According to the agency, the exchanger failed to register as a money services business and failed to report "suspicious transactions," among other violations. The exchanger has been assessed a $35,000 fine and is now prohibited from providing money transmission services.

2019 Investments in Crypto and Blockchain Startups at $850 Million

Source: Reuters

According to data compiled by Pitchbook for Reuters, venture capital investment in crypto and blockchain startups has reached $850 million so far this year.

EEA Launches 'Token Taxonomy Initiative'

The Enterprise Ethereum Alliance has announced a "Token Taxonomy Initiative" to develop universal definitions for tokens to encourage their interchangeability across blockchain platforms. Members of the initiative include Microsoft, R3, ConsenSys, IBM, EY, Accenture and Intel.