Wait to you see this! We were making an XRP buy on Coinbase and we noticed an Email come through about “New instructions for wire transfers”
So we are told to make sure we follow the new instruction on the wire tab. Now we have been sending wires to Coinbase for quite some time now. Usually, all we have to do is log into our bank account and hit a repeat wire or use the wire information that is already on file with our bank for Coinbase. But not anymore, we noticed Coinbase is now using a different bank!
So what’s the big deal right? Well, we have noticed that when we buy XRP, it is available right away and CB has really sped things up and lowered their fees. We also noticed Coinbase has advertised to send Money Internationally for free.
We wonder why? So we go a quick Google search for Cross River Bank and Ripple and look what we find out….dating back to 2014.
“Cross River Bank to Integrate Ripple for Real-Time International Payments”
From the article – Cross River Bank will integrate the most advanced settlement infrastructure for instant, secure, compliant, and dramatically more affordable cross-border money transfer services.
Cross River Bank is one of the first U.S.-based banks that will use the Ripple protocol to offer its business and personal banking customers real-time international payments between the U.S. and Western Europe. With Ripple, Cross River Bank will integrate the most advanced settlement infrastructure for instant, secure, compliant, and dramatically more affordable cross-border money transfer services.
“Ripple will help make that a reality, enabling our customers to instantly transfer funds internationally while meeting all compliance requirements and payments rules. We are excited to be amongst the very first banks in the U.S. to deploy Ripple as a faster, more affordable and compliant payment rail for our customers.”
Coinbase is leveraging RippleNet for Instant Cross-Border Money Transfers via there new Bank Cross-River Bank. Their old bank was Metropolitan Bank.