California-based digital currency exchange Coinbase has rolled out a new feature that allows users to convert directly between Bitcoin and other cryptocurrencies.
Announced December 17, the newly launched feature now enables direct crypto-to-crypto conversion on Coinbase, allowing traders to skirt multiple fees while saving time.
“Conversions complete instantly and at a lower cost than if done via two separate transactions,” according to the announcement.
As the exchange detailed, Coinbase will initially support conversion between Bitcoin and several digital currencies, including Ether, Litecoin, Bitcoin Cash, Ethereum Classic, with plans of adding support for more digital assets, depending on user feedback.
A one percent fee will be charged for each transaction using Coinbase Convert, as indicated in the exchange’s fee disclosure page.
Coinbase’s new crypto-to-crypto feature was specifically launched to provide “new ways to democratize the best of cryptocurrency, and the ability to easily convert one asset to another is an important step on this path.”
Coinbase Convert’s launch follows on the heels of the company’s recent collaboration with PayPal to introduce zero-fee cash withdrawal options on PayPal, allowing users to cash out of Coinbase more efficiently.