Coinbase, the US-based digital currency exchange, has revealed that it’s expanded into cross-border payments. With this move, Coinbase customers can now transfer funds to any user with a Coinbase account globally using Ripple (XRP) and the exchange’s stablecoin USDCoin (USDC) without paying a fee. Additionally, the development towards expanding into cross-border payments also allows users to send and receive money immediately, in addition, to convert them into local currency.
Headquartered in San Francisco, California, several new developments have seen recently at Coinbase, including 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 that designed to augment liquidity, improve price discovery and guarantee smoother price movements. Last October, the digital currency exchange added support for USDC, making it the first stablecoin to trade on the platform and the coin is ostensibly 100 percent collateralized with U.S. dollars, and was introduced last fall by CENTRE, an affiliate of Crypto payments firm Circle.
Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase is a secure platform that makes it easy to purchase, sell, and store Cryptocurrency like Bitcoin, Ethereum, and more. The company introduced its services to buy and sell Bitcoin through bank transfers in October 2012, and later a year in May 2013, it received a USD5 million in Series A investment, which was led by Fred Wilson from the venture capital firm Union Square Ventures. In 2014, Coinbase reportedly grew to 1 million users, purchased the blockchain explorer service Blockr and the web bookmarking company Kippt, secured insurance covering the value of Bitcoin stored on their servers, and released the vault system for secure Bitcoin storage.