Ripple is seemingly gaining momentum. Coinbase, the behemoth crypto exchange, has announced that it is now possible to transfer funds around the world using XRP and USDC.
In an official announcement (and not one of those April Fool’s jokes), Coinbase succinctly described its new service. The exchanges users will be able to send funds around the world fast and easy using XRP and/or USDC. Peculiarly, the exchange emphasizes that these cryptocurrencies are “optimized for cross-border transmission,” suggesting that the choice is not accidental. By sending XRP and USDC, Coinbase’s stablecoin, users will be able to money funds virtually, seamlessly, and almost instantly. Then, it will be possible to convert it into local currency. Arguably, the most attractive part of the offer is there is no transaction fee involved when “sending to other Coinbase users and a nominal on-chain network fee for sending outside of Coinbase.”
How fast is fast?
The answer is impressively fast. Coinbase presents a brief comparison of how long it takes to make a bank transfer vs. sending Ripple and USDC. So, on average it takes approximately 1-2 business days to make a bank wire, which will cost you circa $30. And now feel the difference: Making a payment with XRP, will take 0.00002315 of that time.
This is not the first time XRP shows its class when it comes to speedy transactions. In December, the multinational financial services corporation American Express praised XRP for its ultra-fast payment platform. Likewise, Coinbase seems to acknowledge its potential. In late February, Coinbase Pro added the coin, showing that it is ready to use it on a wider scare.
Overall the coin is continuously expanding. Recently, Xpring, Ripple’s grant network for developers, has partnered with gaming blockchain startup Forte. WooCommerce, used by 3.3 million websites around the world, integrated it as a payment method.Coinbase seems to acknowledge the fact that XRP is becoming hotter. In late February, Coinbase Pro added the coin.
In February, Altcoinbuzz also reported about how XRP s helping to move millions of dollars worth of it. Currently, XRP is enjoying the bearish market and is trading at $0.344313.
Glad to know that one can now send funds globally at a lightning fast speed and zero charges.