The American cryptocurrency exchange, Coinbase, announced the launch of cross-border payments via USDC and XRP.
Coinbase announced that XRP, the second largest altcoin in the market and the exchange’s stablecoin USDCoin [USDC] can now be used for cross-border payments with no applicable fee on the transfer. The exchange added that these coins were “optimized for cross-border transmission.”
There will be no fee levied on transfers between Coinbase users. However, an on-chain network fee will be applicable when sending funds outside Coinbase. XRP can be sent in three to five seconds to a host of countries that Coinbase supports, with no limit on the number of coins that can be transferred.
USDCoin will take twelve to seventeen seconds and will see an on-chain fee of under $1, if sent outside Coinbase.
The exchange added that the reason behind the aforementioned cryptocurrencies being chosen was because they were “suited for smaller international money transfers due to their faster processing and lower transaction fees.”
XRP’s parent company, Ripple, saw a slew of announcements pertaining to its cross-border payment aspirations. On 28 March, Federal Bank, a leading private bank in India, partnered with Ripple to use its network for cross-border payments. The private bank rolled out remittance platforms in the United Arab Emirates [UAE], where Ripple has a considerable customer base.
The International Association for Trusted Blockchain Applications [INATBA], a body of policy-makers promoting the adoption of blockchain and cryptocurrency within Europe recently included Ripple as their founding member. This inclusion will allow Ripple to plant its foothold in Europe’s growing Distributed Ledger Technology [DLT] sector.
Ripple is now facing opposition in the cross-border payments realm from the Stellar Lumens’ [XLM] partnership with IBM. IBM’s World Wire platform will seek the implementation of the Stellar protocol to build its cross-border payments platform because of the latter’s open-source and decentralized nature that can send both fiat and digital currencies.
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Mozilla’s senior web developer testing out Coil and its monetization feature for his blog
Coil, a venture launched by the creator of Interledger Protocol [ILP], Stefan Thomas, is being tested for monetization by Mozilla’s senior developer David Walsh. Coil makes use of ILP and XRP to monetize creators and put an end to ad-based monetization by mainly helping content creators while allowing the consumers to access content online easy.
— Coil (@Coil) May 22, 2019
David Walsh is a senior software engineer at Mozilla, and this could be a step in the right direction for Coil, which is trying to improve content monetization.
Since XRP can better handle micropayments, Coil is using it to get work around the ad-based revenue model. A blog by Coil previously stated:
“One of the reasons the ad-supported model is still so dominant is because payments technology wasn’t ready yet. Each payment currently requires multiple steps just to authorize it, let alone signing up with different merchants. We’ve worked with Microsoft, Google, Mozilla, and others to create the W3C Web Payments Request API that has been rolling out to billions of iOS and Android devices but we can go so much further.”
Moreover, with XRP and ILP, Coil can process a “trillion” transactions per second without any central authority. Stefan Thomas, the inventor of ILP and creator of Coil said:
“Instead of building yet another proprietary platform, Coil will be the first company to pay out to any website using Web Monetization, a new standard for how browsers can pay websites using Interledger.”
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