The American stock exchange Coinbase announced the launch of “fast and free” money transfer service to their customers.
To execute transactions the users have a choice of developed Ripple XRP cryptocurrency and stablein USDC, released Circle in the consortium CENTRE, which also includes the Coinbase.
“Using optimized for international transfers of cryptocurrency, you can send and receive money almost instantly. For the transfer to another Coinbase user fee is not charged, and when sending funds outside Coinbase charges a minor fee for processing transaction in the network,” the company wrote.
According to Coinbase, transfer using XRP takes 3-5 seconds, USDC – 12-17 seconds. The transaction value is less than cents less than a dollar respectively. For comparison, the exchange leads traditional international Bank transfers, which occupies 1-2 working days and standing on average about $30.
While Coinbase said that it does not provide money transfer services. According to her classification, “it is a cryptocurrency transaction, where the conversion to local currency is carried out after the receipt.”
Furthermore, “in countries where Coinbase does not support the local currency, the recipient will need to transfer XRP/USDC to the stock exchange that supports the conversion of XRP/USDC in local currency”. The company asks in advance to clarify with the recipient whether he can convert the thus received cryptocurrency into Fiat.
USDC was added to Coinbase in October last year.
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