Representatives of the well-known bitcoin exchange and online wallet provider Coinbase announced the launch of its new Instant Exchange service. This service allows users to send and receive bitcoin payments instantly. Coinbase employees claim that Instant Exchange will help customers avoid losses in case of volatility in the price of bitcoin, since transactions will be completed incredibly quickly.
The official statement of coinbase management reads:
"For a long time, Coinbase has been providing merchants with the opportunity to automatically convert received bitcoins into national currency, and now the Instant Exchange service is available for absolutely all owners of wallets in local currency."
Instant Exchange includes two new features – Instant Exchange Send and Instant Exchange Receive. With the help of the Send service, customers will be able to transfer bitcoins and pay for it in the national currency without having to go to another section of the website. By selecting the send function, the user will be provided with a form in which he needs to specify the recipient's address, the number of bitcoins to be sent, and also select his wallet in paper currency from the drop-down menu. In addition, when carrying out this operation, the client will be able to leave a comment on his transaction.
The Receive function will allow you to accept and sell bitcoins almost instantly. Coinbase will launch the sale process in the background as soon as the bitcoins are credited to the user's wallet. To use the instant reception service, you need to click on the "Instant Exchange" link displayed in the wallet in your local currency. As a result, a bitcoin address will appear in the corresponding line, which will be considered an individual user address for instant reception, and each bitcoin received will be automatically put up for sale on the Coinbase exchange.
Coinbase clients that transact in US dollars, euros or British pounds will have access to the Instant Exchange service immediately. The terms when the Instant Exchange service will become available for performing operations with other national currencies were not indicated in the statement of the company's representatives.
This announcement came a few months after the launch of the Coinbase exchange, which was advertised as the first bitcoin exchange that fully complies with all standards. Coinbase already has a license to operate in several US states. At the moment, representatives of the company are waiting for confirmation or clarity on the further development of legal regulation in other regions of the country.