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Coinbase seems to offer a "fast and free" payment service to its users, according to the Coinbase website.
The exchange uses two crypto-currencies for service, XRP and USDC, which was launched last fall by Circle's CENTER. USDC was also the first stable establishment to be listed by Coinbase. XRP was added to Coinbase at the end of February, an initiative long sought after by supporters of the Ripple-Attached token.
Coinbase customers will have access to the free service when sending to other users. Otherwise, Coinbase will charge "nominal network fees in the chain for shipments outside of Coinbase".
As the company website explains:
"You can now send money to any user with a Coinbase account around the world with the help of XRP or USDC. By using cryptocurrencies optimized for cross-border transmission, you can send and receive money virtually instantly by sending these crypto-currencies and asking the recipient to convert them into local currency. "
On the page, Coinbase points out that what is offered "is not a remittance, it is rather a cryptocurrency transaction with conversion to local currency after receipt."
The company also notes that "in countries where Coinbase does not support the local currency, recipients must transfer their XRP / USDC to a stock exchange that supports XRP / USDC exchanges in local currency."
Coinbase does not seem to have made an official announcement about the service – a Twitter user with eagle eyes it is noted that the link has been living quietly for several days. A request for comment was not returned at the time of publication.
Image of the Coinbase application logo via Shutterstock
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