Product Update — March 1st
As part of Coinbase’s commitment to prioritizing customer feedback and helping bridge the gap between traditional finance and crypto, our team is focused on constantly updating and improving the Coinbase experience. Here’s a look at what the team has been up to for the past couple months.
Easily convert one cryptocurrency into another
We announced a new feature, Convert, where you can convert one cryptocurrency into another. Instead of selling one cryptocurrency for a fiat currency like USD and then purchasing a different cryptocurrency with that USD, you can simply convert your crypto directly to another crypto in one trade for a significantly lower fee.
Currently customers can convert between Bitcoin (BTC) and Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), 0x (ZRX), Bitcoin Cash (BCH), and XRP (XRP).
Since our initial release of Convert, we’ve launched improvements of it on our iOS app, including the “Convert all” feature for single-click conversion from one asset to another. More improvements are coming soon.
Helping customers navigate crypto taxes
Tax season can be challenging, and we want to help make the process easier. For this tax season, we launched a new resource (https://coinbase.com/bitcoin-taxes) to help you better understand the impact of US taxes on crypto. This update is for everyone — Coinbase customer or not. We also teamed up with TurboTax to provide our customers with a discount on their tax filings.
Earn ZRX, BAT, and ZEC while you learn about them
Last December we announced the first Coinbase Earn experience by giving customers the opportunity to earn ZRX in exchange for learning about the ZRX project. And we didn’t stop there. This past month we launched similar Earn experiences for BAT (the Basic Attention Token) and ZCash. Try them out and put yourself on the waitlist here.
XRP is now available on Coinbase
XRP is the cryptocurrency used by the XRP ledger. XRP aims to be a fast, cost-efficient cryptocurrency that facilitates cross-border payments. XRP can function as a bridge currency in transactions involving different currencies such as US dollars, Japanese yen, Euros, Francs, and others in use on the XRP network.
Introducing the Coinbase affiliate program
We’ve offered a peer-to-peer referral program for some time, allowing customers to refer friends and get $10 of Bitcoin when their referral trades $100 or more on the platform. We saw that a number of “super-referrers” were using their referral codes to recommend Coinbase to their audiences, but the referral program wasn’t optimized for them. That’s why we launched an affiliate program for these customers where they can receive 50% of each referral’s trading fees for their first three months on Coinbase.com.
A few more updates:
- We’ve made it easier for customers to get crypto news on the dashboard in the Coinbase app, as well as access information about the top 50 assets by market cap.
- We rolled out the ability for customers in the EU to withdraw funds to their PayPal accounts.
As we work to make Coinbase better, we always appreciate feedback. Try out the above features and let us know if you have ideas or suggestions for how to improve the product.
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