Coinbase Now Moves To Cross-Border Payments

Coinbase Now Moves To Cross-Border Payments

Coinbase is one of the leading cryptocurrency exchange in America. For a long time, Coinbase has been determined to transform the entire cryptocurrency industry. Its latest development proves that its primary focus remains the same.

On the 28th of March, 2019, a big announcement came from this exchange. It officially revealed its plans of expanding to cross-border transactions. This is one of the areas that has been pursued by very few cryptocurrency exchange bodies. It is meant to give the customers more experience. It is also a way of attracting new customers who might not have joined the stable.

How The New Service Will Work

Coinbase customers now have a new option when it comes to transferring funds. They will be able to move funds to any user that holds a Coinbase account. It does not matter the part of the world that the user might be residing in. The process will be carried out using Ripple’s XRP coin and the USDCoin – USDC, which is the stablecoin of the exchange.

The beauty of all this is that customers will not be asked to pay any amount. It is done free of charge. This new development will allow customers to send and receive money instantly. They also have other additional options. They can convert the money into local currencies at their will.

March Was The Best Month For Coinbase

Last month saw the exchange do a lot. Several development projects were initiated at the exchange within the month. One of these was the service that connected the user accounts on its core platform to the Coinbase wallet mobile application.

Coinbase wallet

There was also a new market structure that was designed by the exchange. The market structure was intended for Coinbase Pro, the exchange’s main professional trading platform. The main objecting of Coinbase Pro is to improve the liquidity and ensure there are flawless price movements. It will also ensure that price discovery is enhanced.

More Development To The Exchange

October last year saw the exchange add support for USDC. This made it the first stablecoin to have traded on this great platform. USDC is purportedly 100% collateralized with the US dollars. It was introduced by CENTRE, which is an affiliate of Circle, a crypto payment company.

However, Coinbase is not the first company to have moved to cross border transactions. Federal Bank of India started using Ripple’s network for the same purpose at the beginning of last month. The bank is a private commercial bank operating in the Asian country. Its partnership with Ripple was well planned. It came as part of a more significant initiative to use new technologies to the remittances network of the bank. Federal Bank had earlier introduced new remittance platforms.

On the 28th of March, two remittance platforms were added by the bank. This shows how the bank is focused on using the latest technology to transform the experience of its customers. The two remittance platforms were introduced in the United Arab Emirates. However, they would be used for making payments back to India.

April 2, 2019

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Samantha Mitchell

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