CoinBase, one of the largest cryptocurrency exchanges in the world has started offering global remittance service with XRP and USDC, a move that could be considered as an advert for xRapid and its underlying crypto.
CoinBase Launches Free International Remittance With XRP
The US-Based exchange announced a few days ago that it now allows its users to send money internationally for free using XRP and USDC. The company stated that there are no fees involved when users transfer these cryptocurrencies to each other in all parts of the globe.
In a blog post, CoinBase said that “one 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. There’s zero fees for sending to other CoinBase users and a nominal on-chain network fee for sending outside of CoinBase.”
Read: It Is Hard To Ignore Ripple When The White House, World Bank, Federal Reserve, IMF And Central Banks Are Involved
The XRP community welcomed this latest development with enthusiasm as there is a belief that the service could help the cryptocurrency gain massive adoption. The users of CoinBase in supported countries including Mexico, the Philippine, and India would get to make use of this service instantly while other countries would have to transfer their funds to other exchanges to enable easier conversion.
Even though CoinBase did not state the remittance tool it would make use of; there is a high possibility it is xRapid. This remittance tool by Ripple makes use of XRP to settle cross-border transactions in a fast and efficient manner, while also lowering the costs involved.
CoinBase Could Be Bullish On XRP
By making use of the XRP and possibly xRapid, the chances are high that CoinBase is very optimistic about the cryptocurrency. This latest development comes just a month after XRP was added to the CoinBase cryptocurrency exchange.
Also Read: Mastercard and Barclays Invest in Ripple-Backed xRapid Project
There are some within the crypto space who believe that the latest move by CoinBase is a form of an advert for Ripple and its products. According to C3|Nik, a cryptocurrency researcher on Twitter, the promotion of XRP by CoinBase makes sense considering the fact that the crypto exchange is backed by investors who only have money in mind. For CoinBase, it is all about the money and XRP and its technologies allows them to transfer funds across the globe in real-time, and this is something that could bring more users to their platform.
Some crypto enthusiasts did find it strange that CoinBase chose to endorse XRP and not the other cryptocurrencies. The researcher stated that “CoinBase did not endorse the buggy Lightning network or the slow and expensive on-chain #Bitcoin #BTC transactions for cross-border flows. They endorsed #Ripple #XRP instead.”
While some people are surprised by the CoinBase promotion of XRP and hoped it was an April Fool’s joke, some believe that things change in the cryptocurrency world as long as there is a mutually beneficial relationship to be explored.
CoinBase XRP service is available mostly in Asia and Mexico, and it is expected to face some stiff competition in that area. On April 1, the same day as CoinBase announcement, Vianex, a platform powered by Viamericas, revealed that it is offering thousands of convenient cash payout locations throughout Mexico, Central and South America, the Philippines and India. This development is an interesting one because Viamericas makes use of xRapid and is a Ripple partner.