San Francisco-based crypto exchange Coinbase announced Wednesday its plans to roll out its crypto-to-crypto trading platform to several more destinations, increasing its international presence to a total of 53 countries.
Coinbase users in places including Argentina, Hong Kong, South Korea, India, New Zealand and Mexico will be able to "trade between cryptos" on the platform, rather than the fiat-to-crypto offering available in the U.S. Residents in the 11 new markets will therefore need to come to the platform with existing crypto, doing the swap from USD or their local fiat into crypto on another exchange before then storing (or trading) their digital assets on Coinbase.
"We’ve...seen a shift in trading behavior, where direct trading between cryptos has overtaken traditional fiat to crypto trading across the globe in the last nine months," a Coinbase spokesperson said. "The ability to convert from one crypto to another will form the backbone of this new decentralized economy."
Coinbase's global expansion of crypto-to-crypto trading has been heavily fast-tracked in the last 12 months, increasing its list of partner countries by more than 25% following today's announcement.