Coinbase has been available in 42 countries around the world before today — mostly in North America, Europe, Australia and Singapore. Today, the company is aggressively expanding by opening 11 countries at once in Latin America and South East Asia. But there’s a trick — there’s no crypto-to-fiat conversions.
Coinbase competitor Binance has taken the crypto world by storm by focusing on crypto-to-crypto conversions. You can only fund and withdraw cryptocurrencies from your Binance account. And if you want to buy some crypto assets, you need to convert crypto assets you already own. For instance, if you want to buy Litecoin, you need to convert Ethereum into Litecoin.
That strategy has paid off as it is much easier to start accepting customers in new countries if you don’t need to connect the exchange with the traditional banking infrastructure.
So Coinbase is doing the same thing and opening crypto-to-crypto conversions and trading in Argentina, Mexico, Peru, Colombia, Chile, [...]