Popular in the United States cryptocurrency exchange Coinbase has launched a brand-new zero-fee international transaction feature between Coinbase accounts with ripple (XRP) or USD coin (USDC).
"By using cryptocurrencies that are optimized for cross-border transmission, you can send and receive money virtually instantly by sending those cryptocurrencies and having the recipient convert them into local currency," states the official description of the service.
While a wire bank transfer usually takes approximately 1-2 business days, the blockchain-based transaction of XRP takes only 3-5 sec. and 12-17 sec. for USDC, respectively. Moreover, a typical international bank wire transfer charges fees at ~$30 USD, while XRP charges nothing.
Earlier, one of leading India’s banks in the Private Sector, Federal Bank, announced its partnership with Ripple Inc, for cross border remittance through its network.
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