Binance’s Biggest Rival: Crypto Giant Coinbase is Trading in 53 Countries
By CCN.com: Coinbase, one of the biggest crypto exchanges in the global market reportedly valued at $8 billion, has launched crypto-to-crypto trading in 53 countries including India, South Korea, Hong Kong, and Australia, stepping into the territory of Binance.
Excited to continue expanding crypto-to-crypto trading around the globe 🌏 https://t.co/EeUh8lbbs4
— Brian Armstrong (@brian_armstrong) April 18, 2019
The announcement comes after Coinbase’s continuous listing of new digital assets throughout the past several months amidst a 16-month bear market that resulted in an 80 percent drop in the valuation of the cryptocurrency market.
Direct Crypto Trading is the New Norm, Says Coinbase
In its official statement, Coinbase said that direct crypto-to-crypto trading has become the new norm, surpassing crypto-to-fiat trades in the past 12 months.
In the early days of crypto, the overwhelming majority of investors used fiat currencies like the U.S. dollar to acquire bitcoin and other cryptocurrencies.
As the adoption of cryptocurrencies increased, over time, the number of cryptocurrency holders surged, reducing the demand for fiat-to-cryptocurrency trading services.
“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,” the statement read.
