Coinbase announced on their blog today that they’ve launched a new Instant Exchange feature. Users can send and receive bitcoins without worrying about exchange-rate fluctuations.
Previously, only merchants had this ability to move between bitcoin and local fiat currency to avoid such changes in value. Coinbase is now taking the functionality of merchants and bringing it to the consumer — as long as they hold a fiat currency (USD GBP or EUR) wallet with Coinbase — offering two new features people can start using today.
First, there is Instant Exchange Send, which gives you the ability to use your bitcoin and pay for it in your national currency through the same Coinbase interface. Since Coinbase users have a local currency wallet tied to the wallet, Coinbase will make the purchase instantly from the local bank wallet for you via their new “send” screen.
Second, with Coinbase’s Instant Exchange Receive, users can obtain bitcoin and reverse the process. Coinbase performs an instant sell through the fiat currency wallet with the “instant exchange” link, revealing a BTC address. Bitcoins sent to this address will trigger an automatic sell and local currency wallet credit to the linked account. These new features will be available in U.S. dollars, euros, and pounds initially, starting on Wednesday.
Have you ever wanted to send or receive bitcoins, but worried about what will happen to the price in between transactions? With the price having moved up almost 5% on Tuesday alone, volatility is still a major concern for many bitcoin owners who use Bitcoin daily. Now, Coinbase has come up with a way around this issue.
This follows news in April of Coinbase setting up the first fully-regulated Bitcoin exchange in Great Britain. Talks with Britain’s Financial Watchdog are going well and should net results before year end. Coinbase opened their first exchange in the United States in January, providing one of the first in the country. Wyoming has since dropped, however, from their reach of over 20 states.
How does this new wallet functionality sound? Share above and comment below.
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