Crypto Exchange Coinbase Now Offers International XRP And USDC Payments

News | April 2, 2019 By:

Crypto exchange and wallet Coinbase is offering a new payments service that allows users to “send money to any user with a Coinbase account around the world using XRP or USDC.”

The new international payment service is available to Coinbase users in any supported country, including India, Mexico, and the Philippines. It offers “zero fee” dealings for Coinbase-to-Coinbase transfers and “normal on-chain network” fees for exchanges to third-party services.

“By using cryptocurrencies that are optimized for cross-border transmission, you can send and receive money virtually instantly by sending those cryptocurrencies and having the recipient convert them into local currency,” Coinbase said. “Anyone around the world can receive XRP or USDC by opening a Coinbase account or by using compatible wallet software (like Coinbase Wallet). Once a recipient accesses their XRP/USDC, they can convert that XRP or USDC to their local currency in the 40+ countries where Coinbase has banking support. If the recipient is in a country that does not yet have Coinbase banking support, they can always transfer the XRP/USDC to a local exchange that supports conversions from XRP/USDC to local currency.”

Coinbase clarified that the new service is not a money remittance, rather, it is a cryptocurrency transaction with conversion into local currency after receipt.

“XRP and USDC transfers are processed on public blockchains and are global in nature,” the exchange said. “This is in contrast to the movement of traditional currency, which requires institutions to have bilateral agreements with multiple intermediaries, adding costs to money transfers. A blockchain transaction typically costs a few cents or less, whereas a traditional wire costs tens of dollars.”