Cryptocurrency exchange Coinbase has expanded into cross-border payments.
Coinbase users 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.
Coinbase also has 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.
Coinbase added support for USDC last October, making it the first stablecoin to trade on the platform.
India’s Federal Bank, a commercial private bank, this month began using Ripple’s network for cross-border remittances. The partnership with Ripple came as part of a wider initiative to apply new technologies to the bank’s remittances network.