Recently, Coinbase released a statement saying that it had officially launched its brand new crypto-to-crypto trade feature on its native platform— as a result of this, many people took to Twitter to say that a “war” had officially ensued between the premier altcoin-exchange and Binance.
As the announcement explains, customers will initialy be able to convert between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), or Bitcoin Cash (BCH). Converting is available on Coinbase.com and in the iOS and Android apps. Conversions complete instantly and at a lower cost than if done via two separate transactions.
They’ll be gradually rolling out the ability to convert cryptocurrencies to customers in all 34 countries in which Coinbase offers native payment access. Coinbase will gather customer feedback along the way and continue to iterate on the feature over time.
Coinbase and Binance have been two flag bearers of the cryptocurrency industry. They have left no stone unturned to gain market by adding new coins and services for the crypto enthusiast, traders, and investors. While both operate in the same industry and cater to the same market, according to Binance founder there is still no competition.
Recently a Twitter user named “The Crypto Dog” put up tweet stating that the battle for crypto is set between Binance and Coinbase in 2019 – 2020.
Who do you align with? Choose carefully.
— The Crypto Dog? (@TheCryptoDog) December 17, 2018
Upon seeing the tweet, CEO of Binance, Changpeng Zhao, responded in a manner that conveyed his intentions for Binance as more than just a competitive platform, hinting that the market is still in its infancy and although both exchanges are built on very different strategies, the market will best function with each exchange actively applying their different expertise, despite their shortcomings.
Doesn't have to be a competition. Market is still small. We are so far away from saturation point. While we have some overlaps, we are different on: strategy/product/geography/even tweeting style. Brian and I chat from time to time, on growing the industry together, like USDC. https://t.co/whTALqXhNt
— CZ Binance (@cz_binance) December 18, 2018
“I think people in the industry are still very confident about the future. So, there’s no worries about that,” he said, adding that his company wants to “kick 2019 with a bang.”
According to CZ, cryptocurrency price is a “very strong traction for speculators.” However, he believes that the industry will “grow with builders” who create new applications, which will eventually lead to increased adoption.
“There will always be speculation, which will cause the price to fluctuate <…> Last year, it fluctuated upwards too much, and now we are in a correction phase. But the long-term industry is sustained by real applications and real use cases of cryptocurrency, and a lot of people are building. So, that’s happening regardless where the price moves.”
Coinbase Sets Industry Record With “Crypto Migration”
A few weeks back, “whale watching” Twitter pages — accounts that track notable crypto wallets — saw an abnormal influx of reported “sightings.” Initially, a majority of commentators cast aside the transactions — which amounted to hundreds of millions of dollars in Bitcoin (BTC), Ethereum (ETH), and others — as somewhat odd, but nothing to write home about. Some seeming “crackpot” theorists speculated that the transactions could be attributed to Coinbase and its secretive operational security practices.
Earlier this month, Coinbase moved 5% of all BTC, 8% of all ETH, and 25% of all LTC in circulation to our next-gen secure cold storage. Here’s how we did it. https://t.co/8TJ6S97BnW
— Coinbase (@coinbase) December 19, 2018
Coinbase’s VP of Security, Phillip Martin, went on to explain the occurrence in a case study. The firm representative, who headed this operation, first drew attention to Coinbase’s earliest security protocols, which consisted of simple hardware wallets held in a safety deposit box. As time went on, as Coinbase’s assets under management (AUM) figure increased, it was logical to “build a system that ensured broad consensus on movements from cold storage.”
On the First Day of Christmas Coinbase Gave To Me…
We aleady wrote of how this popular cryptocurrency exchange launched a new 12-day event similar to the popular Christmas carol of ‘The 12 Days of Christmas’. Day 1 saw Coinbase announcing that users could buy gift cards so that family and friends could get some Uber, Adidas and Nike surprises through its U-gift program.
The second day of donations was dedicated to Venezuelan crisis. Donation will also get to support GiveCrypto.org’s project in the Venezuelan border town of Santa Elena de Uairen. With that 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.
In their video for the “third day of Christmas”, Coinbase tried to explain their mission and their vision about how cryptocurrencies can change the global economy and why is that important.
With the fourth day ‘gift’, the watchlist, customers can click the star icon on any asset pages to indicate they’re interested in those cryptocurrencies, and their dashboard will feature key information about those assets on a new Following tab.
For the 5th day of Christmas, Coinbase decided to greet it’s U.S. customers with the possibility to instantly withdraw Coinbase balances to PayPal, providing even faster access to their funds through one of the world’s easiest and most widely-used payment platforms.
They’ve used Day 6 of the 12 Days of Coinbase to support their new project that provides a basic income to more than 150 Syrian refugees in Greece.
For the 7th day in a row Coinbase is teaching us about their stable coin. They wanted to educate their clients about all the benefits of USD Coin (USDC) being the cryptocurrency at a stable price.
On 8th day Coinbase added crypto-to-crypto trading that we mentioned and today, they announced support for DAI (DAI), Golem (GNT), Maker (MKR), and Zilliqa (ZIL).