Hello everyone, welcome back to Coinbus TV Today in the news: Coinbase Launches International Payments with XRP American major cryptocurrency exchange Coinbase has expanded into cross-border payments
Coinbase revealed the development in an announcement on March 28 Coinbase customers can now transfer funds to any user with a Coinbase account around the world using Ripple (XRP) and the exchange’s stablecoin USDCoin (USDC) with no fee The development reportedly enables users to send and receive money instantly, as well as convert them into local currency Coinbase customers will have access to the no-fee service when sending to other users Otherwise, Coinbase will charge “a nominal on-chain network fee for sending outside of Coinbase
” As the firm’s website explains: “You can now send money to any user with a Coinbase account around the world using XRP or USDC 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” March saw several new developments at Coinbase, including a service linking user accounts on its main platform to its Coinbase Wallet app, and a new market structure for the exchange’s professional trading platform, Coinbase Pro, which aims to increase liquidity, enhance price discovery and ensure smoother price movements Coinbase added support for USDC last October, making it the first stablecoin to trade on the platform The coin is purportedly 100 percent collateralized with U
S dollars, and was launched last fall by CENTRE, an affiliate of crypto payments firm Circle Cross-border transfers are among the best-known applications of digital currencies, promising to do away with the high fees charged by Western Union or SWIFT Over the past year, Ripple has made major headway in connecting financial services through its payment ledgers, and IBM has recently launched the Stellar-based World Wire Although a centralized service, the latest Coinbase addition could make international payments even easier
Earlier this month, India’s Federal Bank, a commercial private bank, began using Ripple’s network for cross-border remittances The partnership with Ripple came as part of a wider initiative to apply new technologies to the bank’s remittances network Also on March 28, Federal Bank launched two remittance platforms in the United Arab Emirates for making payments to India Thank you for watching today`s video Have a great day!