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Coinbase expands to India, South Korea, New Zealand and 8 other countries by launching crypto-to-crypto trading services

Priya

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Coinbase expands to India, South Korea, New Zealand and 8 other countries by launching crypto-to-crypto trading servicesCoinbase expands to India, South Korea, New Zealand and 8 other countries by launching crypto-to-crypto trading services
Source: Unsplash

Coinbase, a leading cryptocurrency exchange platform, announced that it has expanded its crypto-to-crypto trading service in 11 more countries, on its official blog. With the addition of these new countries, the reach of Coinbase has expanded to a total of 53 countries.

According to the blog post, Coinbase has opened its trading door for cryptocurrency enthusiasts in India, Mexico, New Zealand, South Korea, Indonesia, Hong Kong, Phillippines, Chile, Columbia, Peru, and Argentina. Users will be able to avail crypto-to-crypto trading services such as buying and selling crypto on Coinbase Pro and Coinbase.com. In addition, customers can also buy and sell cryptocurrencies via the Coinbase app available on iOS and Android.

The official announcement read,

“Direct trading between cryptos is increasingly the new norm and in the last year has overtaken traditional fiat to crypto trading across the globe. Millions of Coinbase customers can now securely and quickly trade between different cryptos and send crypto off-platform at their convenience.”

More so, the blog stated that this was a part of the exchange’s mission of “creating an open financial system for the world”. It also stated that the cryptocurrency space is shifting from the “investment phase” to the “utility phase”, which would pave the path for new use cases. It further stated,

“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”

This news is extremely important for India’s crypto-community. This is mainly because of the ban placed by the Reserve Bank of India, the Central bank. Last year, the bank released a circular barring all the banks regulated by the central bank from associating with individuals and businesses involved with virtual currencies.

Due to the ban, some major local exchanges such as Zebpay had to shut down its operations. Even though Coinbase is providing only crypto-to-crypto trading, this does act as one of the most significant moments for the Indian crypto-community.



We found that marketplaces such as freelance websites stood to benefit greatly from Coinbase’s new expansion. We reached out to a business owner who ran a services marketplace called Eloboosta for League of Legends (One of the largest video games in the world). “We’ve already been accepting crypto on our website for a long time, but since the workers on our marketplace come from all over the world, we sort of shied away from paying them out in crypto since not all of them had an easy way to cash their crypto back out into fiat in their home countries. But now that Coinbase has expanded to 11 more countries we’re planning to make the switch to crypto only payouts in the near future, our workers couldn’t be happier due to the cost savings on transfer fees.”

Along with this, the exchange also announced that its customers will be able to trade Augur [REP], one of the leading cryptocurrencies in the space, beginning today. Notably, this trading service will not be available immediately for customers in New York. The trade will be live on Coinbase.com and Coinbase app on iOS and Android.





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Binance Coin [BNB] registers ATH as it surges by over 16,000% since inception

Namrata Shukla

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Binance coin [BNB] registers ATH as it surges by over 16,000% since inception
Source: Pixabay

The cryptocurrency market continued to register massive growth, as the prices of most major cryptocurrencies soared. However, the late entrant to the list, Binance Coin [BNB] is posing to be tough competition for other coins in terms of performance. BNB which entered the crypto market in July 2017, breached its all-time high and was trading at $28.79, at press time.

Source: Trading view

Source: Trading view

Binance Coin started out in July 2017 with a value of $0.1927 and marked its all-time high on May 18 at $31.91, according to the Trading View chart of the coin on Binance. BNB noted the growth of a massive 16,458.31% since 2017. However, until the beginning of 2019, BNB was valued at $6.59, after which the coin noted a surge by 384.15% and peaked at $31.



Source: CoinMarketCap

Source: CoinMarketCap

In the month of May, BNB noted a 28.16% growth, and the coin was valued at $28.66, with a market cap of $4.04 billion. The 24-hour trade volume of the coin was reported to be $551 million as it spiked by over 10% in a day. In the past seven days, the coin grew by 35.97%, but slipped by a minimal 0.25% in an hour.

BNB was highly traded on its native exchange, Binance via the BNB/BTC and BNB/USDT pairs. The BNB/BTC trading volume noted on Binance was $140 million, while the volume reported on the BNB/USDT pair was $132 million. The third place was taken by BKEX via the BNB/USDT pair as it registered a trading volume of $72 million.





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