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.