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Cryptocurrencies

Coinbase expands into cross-border payments

Tuesday 2 April 2019 | 10:23 AM CET

US-based cryptocurrency exchange Coinbase has announced expanding into cross-border payments.

Coinbase customers can now transfer funds to any user with a Coinbase account around the world using Ripple (XRP) and the exchange’s stablecoin USDCoin (USDC) with no fee. The development reportedly enables users to send and receive money instantly, as well as convert them into local currency.

During March 2019, Coinbase unveiled a service linking user accounts on its main platform to its Coinbase Wallet app, and a new market structure for the exchange’s professional trading platform, Coinbase Pro, which aims to increase liquidity, enhance price discovery and ensure smoother price movements.

Coinbase added support for USDC in October 2019, making it the first stablecoin to trade on the platform. The coin is purportedly 100% collateralised with USD, and was launched in the fall of 2018 by CENTRE, an affiliate of crypto payments firm Circle.

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