Cryptocurrency broker and exchange operator Coinbase has expanded support for its services to 11 additional countries, although only for crypto-to-crypto trading. The move, which brings the total number of countries supported by the company to 53, was focused on Latin America and Southeast Asia.
Coinbase adds major markets
The newest round of supported countries includes Argentina, Chile, Colombia, Hong Kong, India, Indonesia, Mexico, New Zealand, Peru, the Philippines and South Korea.
Coinbase notes that crypto-to-crypto trading has overtaken fiat-to-crypto trading. The company estimates that while fiat-to-crypto trading constituted 43% of industry-wide “verified trading volume” in August of 2018, its share declined to 23% as of February this year.
Image source: Coinbase.com
The company expects crypto-to-crypto conversions to play a crucial part in the “decentralized economy” consisting of decentralized financial services, lending and micropayments.
Also, crypto-to-crypto conversions are likely easier to get approved by regulators than trading between fiat currency in digital assets. India, one of the newly-supported countries by Coinbase, is a prime example with the country’s central bank cracking down on banks and other financial service providers that were doing business with crypto companies.