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Cryptocurrency News, Ripple XRP

Coinbase Enters Cross-Border Payments Using XRP

XRP and Coinbase, an ongoing saga that seems to have finally come to a more than amicable end. XRP was finally listed on Coinbase in late February 2019, after months of speculation questioning whether it would actually ever happen. Many people have long wondered as to why XRP was not listed for such a significant period of time, whether it was due to personal conflicts between the two parties, or was it connected to the uncertainty surrounding whether XRP will be classed as a security by the SEC.

Whatever the perceived issues may have been, now seem to be long forgotten. Not only was the coin listed in late-February, but Coinbase has announced that their users will be able to send money internationally, free of charge and practically instantly using XRP (or their USDC stablecoin) to other Coinbase users. There will be a small fee if users wish to send money to users outside of Coinbase.

Whilst Ripple offer very similar setups for banks, there has been no real use of XRP for settlements between individuals, until now.This move certainly comes as a pleasant surprise and one that will be welcomed by many XRP enthusiasts as well as Coinbase users.

It is more than a logical possibility that the delay with the original listing may have been due to testing of this new settlement feature. There is no real surprise (if this was the case) that this announcement comes within such a short period of time since the listing. Considering it is the first noteworthy feature of this nature, there would undoubtedly have been a thorough testing period beforehand.

While Coinbase’s general bigger motives have come under scrutiny in recent times, most notably with the acquisition of blockchain analytics start-up Neutrino, their strength has always been in the ease of use within their app. This announcement has great underlying significance, removing the need for banks for people to transfer money worldwide, in a manner that is not only much more efficient, safer but most importantly free of charge.

XRP image licensed via Shutterstock

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