Just recently Coinbase announced their new feature – Convert. The users of Coinbase now can easily convert one crypto into another with much less fees than if doing two separate transactions.
Initially, this service will be available between Bitcoin, Ethereum, Ethereum Classic, Litecoin, 0x, and Bitcoin Cash. The feature already is available at coinbase.com or iOS and Android apps. So far this feature is only available for U.S. Citizens, but eventually, Coinbase’s goal is to make this available to all 34 countries in which Coinbase offers native payment access.
Coinbase says that the fee of conversion will be much lower than doing two separate transactions. We naturally went to check it out, and it is true. Coinbase charges a spread of 1% for crypto conversions. But there is a catch in their Pricing & Fees Disclosures page: “However, the actual Spread may be higher or lower due to market fluctuations in the price of Digital Currencies on Coinbase Pro between the time we quote a price and the time when the order executes.”
Conversions happen instantly.
12 days of Coinbase
Recently Coinbase started an announcement rally where they will announce news 12 days in a row. On the first day they announced their gift card feature. Users can now turn their crypto into gift cards from various vendors like Uber, Nike, and many more. This is done through partnership with WeGift.
On the second day, they announced givecrypto.com and donated $10,000 worth of Zcash (ZEC) to their project to help support more than 100 Venezuelan families. “With our gift, the organization will put $1 USD worth of crypto directly into the crypto wallets of more than 100 families in Santa Elena every day for 3 months,” says in their blog post.
On Day 3 Coinbase released an explanatory video of what is cryptocurrencies.
During day 4, Coinbase added a new feature called Watchlist to their services. With it you can follow your favorite assets and personalize your dashboard.
On day 5, Coinbase announced a straight up partnership with PayPal. Customers from US can now instantly withdraw cash to their PayPal account.
Another donation on day 6. Coinbase donated $10,000 worth of Bitcoin to givecrypto.org project to help Syrian refugees.
And last, but not least, on day 7 they explained everything about their new stablecoin – USDC.
Spreading knowledge and crypto to the world.
Coinbase is an early player in the crypto space and one of the most profitable as well. It is an excellent campaign that Coinbase undertakes right now. Donating crypto to help people and expanding their services at the end of the year, it looks like they have been preparing for this all year. This is what crypto needs – more effort on trying to explain what crypto is to the wider public. Plus all that, they are giving away their profits to spread cryptocurrencies around the globe. Especially to those people who are in critical need for a little financial boost. They will initially look at cryptocurrencies as almost a savior. And we need more life stories like this. Props to Coinbase, and let’s wait what the next four days of Coinbase will bring us.