Coinbase Expanding Service to 50 More Countries as Bitcoin Continues to Climb

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Coinbase Expanding Service to 50 More Countries as Bitcoin Continues to Climb
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Coinbase Expanding Service to 50 More Countries as Bitcoin Continues to Climb
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Coinbase, the popular US based cryptocurrency exchange, is expanding its market to 50 more countries. Some of the new countries include Brazil, South Africa, and Taiwan. The announcement comes as Bitcoin hits its highest value in nearly a year.

Coinbase now offers their services to customers in 103 different countries. In addition to broadening their reach to another 50 countries, Coinbase announced they will expand the trading of USD Coin to another 85 countries.

USD Coin is considered a “stablecoin.” Stablecoins are designed to have minimal price swings, offering protection from the volatile crypto markets and even against rising inflation rates among unstable nations around the world. Stablecoins are pegged to the price of fiat currencies. In the case of USD coin, it’s the US dollar.

Coinbase is hoping the expansion of USD Coin will allow the people of countries like Argentina and Uzbekistan to protect their wealth against inflation. On average, about a quarter of a billion dollars is traded in USD Coin every day. Reserve, a startup company affiliated with Coinbase, recently announced they will be launching a Venmo-like app in Venezuela to help its citizens fight against inflation.

Coinbase’s announcement comes as cryptocurrency markets seem to be doing quite well. Bitcoin is currently sitting at around $8,000, up about $2,500 from just two weeks ago. Bitcoin hit its all-time high of around $20,000 just before Christmas of 2017.

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