Coinbase Backs Fiat Currencies, Includes More Trading Pairs

In a bid to offer users more comfortable options, Coinbase is expanding available options by offering more trading pairs. Users can now deposit and withdraw funds in diverse currencies. The exchange platform is also increasing its deposits and withdrawal channels for users who are limited to few options. 

The San Francisco-based cryptocurrency exchange is heeding the call of its international clients and is offering more options for them. Its global users can now access fiat rails. Fiat rail is a system that would enable International users regardless of location to deposit or withdraw in USD, EUR, or GPB and also access them as trading pairs 

Until now, Coinbase users had been confined to the options of USD ($), GBP (£), EUR (€), SGD, and CAD. Some were only able to trade in lieu with their local currencies. The new development from Coinbase would see an end to this issue and reinstate a more efficient trading system. 

The Goal of the Coinbase Expansion

According to the update released by the firm, the new development would be beneficial to investors and the exchange itself. Coinbase confirms that the previously limited options were detrimental to its revenue. 

Coinbase believes employing this measure would unlock the potential for the influx of more billions of dollars in trading volume into liquidity pools. Coinbase gears to develop a global trading platform and have been living up to it. 

Talking about the development, Head of Trading Morgan Vincent said “Access to SEN on Coinbase provides us with the flexibility to move USD quickly, keep providing liquidity in fast markets, and take advantage of opportunities.”

Coinbase is a successful trading platform. It recently was licensed in Germany to clinch the honor of being the first cryptocurrency exchange in the country. 

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