On 28th of February 2019, Coinbase had added Ripple or XRP to its services. A spokesperson of Coinbase said CoinDesk through an email that, exchanging of Ripple crypto token makes its way to Coinbase. Coinbase is the secure platform allows people to transfer, sell or buy cryptocurrency tokens such as ETH, BTC, LIT among others. The primary concern of cryptocurrency and crypto tokens is in the cross-border payments. Ripple made its way to Coinbase in the first quarter of 2019.
One of the benefits of Coinbase when it comes to the borderless and unregulated cryptocurrency is in the payment module. According to the website of Coinbase, the services are completely free, fast and exceptionally reliable.
The key cryptocurrencies
According to the sources, Coinbase is dealing with two significant cryptocurrencies such as USDC and XRP. USDC also known as USD Coin, is the cryptocurrency which allows people to move the US Dollars coherently. USDC is the strongest stablecoin in the entire world. The cryptocurrency has the fundamental principle of a fiat current which Centre consortium has brought to life. Given that featuring USDC and XRP took a long time, yet it was a necessary step to help XRP. The primary reason as to why it took longer time than expected was because Ripple did not get support earlier.
According to the website, people can send money to different users who have an account in Coinbase. And with this collaboration, it is possible to send USDC and XRP to anywhere around the world virtually. Coinbase has curated and optimized the cryptocurrency to carry out the transmission anywhere in the world. The platform acts as a medium for sending the cryptocurrency to the recipient. After the cryptocurrency makes to the crypto wallet, the recipient can convert the cryptocurrency into fiat currency.
Coinbase’s New Venture will change the scenario of exchanging Ripple
The website of Coinbase states that the exchange is not going to act like a settlement of money. Instead, the offering is a simple cryptocurrency transaction which will then convert into local fiat currency. Coinbase also said that there are countries where Coinbase does not support cryptocurrency exchanges of Ripple and USDC.
By the looks of it, the addition of the Ripple and USDC in the Coinbase ecosystem will offer new solutions. Coinbase also notes that the transfer between XRP and USDC has a few sets of restrictions and regulations. According to Coinbase, transferring between the two cryptocurrencies in the regions that support it is efficient and cost-effective. Nevertheless, if the transfers take place to the crypto wallets other than Coinbase, then there will be a small fee.
On the other hand, Coinbase offers some additional benefits which the company has not yet revealed. Coinbase is the quickest and recognized around the world as one of the most promising financial transfer systems. It’s quite speedy, given that the payment platform focuses on the different cryptocurrencies such as Bitcoin, Altcoin, Ethereum, Litecoin, Monero, Zcash among others.
By the looks of it, Coinbase did not come up with an official announcement to highlight the new milestone. The cryptocurrency enthusiasts are delighted that Coinbase is becoming expandible as the platform progresses.