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Coinbase Picks XRP For Cross Border Payments!

ripple coinbase

Is it possible that Coinbase is finally seeing the light?  4 days ago Coinbase posted an article titled “Send money internationally for free“.  For some reason, the XRP community just picked up on this news yesterday which lead to the question: Is this an April Fools day Joke by Coinbase towards the XRP community?   The good news is that it is not! Coinbase is advertising XRP on their platform and has now publicly acknowledged XRP use case.

ripple xrp coinbase
This recent announcement by coinbase states that Coinbase users can use XRP for cross-border payments directly from there Coinbase account. This is a brand new service that is being offered by coinbase. Let’s make this clear – this has nothing to do with Xrpaid for now. This is a Coinbase feature.
Per the announcement made by Coinbase, Coinbase will enable their customers to use either XRP or USDC to send money across the globe without any fees. Keep in mind that this is not a remittance service, it is rather just a link between Coinbase’s customers across borders. Look at it is as a wallet to wallet transfer.

Coinbases official announcement reads:

“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.”

Coinbase also highlighted 3 restrictions that will apply to its new services:[1] This is not a money remittance; rather, it is a cryptocurrency transaction with conversion into local currency after receipt.
[2] Network fees charged on transfers to non-Coinbase accounts; purchases and sales of XRP are subject to a Coinbase fee.
[3] In countries where Coinbase does not support the local currency, recipients need to transfer their XRP/USDC to an exchange that supports exchanges from XRP/USDC to local currency.
Coinbase just recently added support for XRP – read the article here: https://xrprightnow.com/coinbase-wallet-app-supports-xrp/

 

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