American cryptocurrency exchange Coinbase has begun offering a cross-border payment transfer facility for its users in any of its supported countries, including India, Mexico, and the Philippines.
Officially announced by the company on March 28, the transfers can be made “any cryptocurrency supported by Coinbase”, although it advises that international transfers of smaller amounts might be faster in Ripple (XRP) or the exchange’s stable coin USD Coin (USDC). Transfers are free of charge if sent to or received by a Coinbase account (a nominal on-chain network fee applies for sending to non-Coinbase accounts).
The move allows Coinbase users to move monetary assets outside of the US, as well as convert crypto into local currency in other countries. The exchanges claims to have banking support in over 40 countries that can help with currency conversion. For places without this conversion support, users will have to transfer their crypto to a digital exchange that handles XRP and USDC.
Coinbase has been rather busy the past month. In March, it launched a connection between users’ personal accounts and their Coinbase Wallet app, as well as new market structure for the exchange’s crypto trading framework.