Brian Armstrong, CEO and Co-founder of Coinbase, spoke about the use of XRP and USDT for Coinbase international transfers, during an Ask-Me-Anything [AMA] session on YouTube.
Sweden Fork, a Twitter user, asked Armstrong the reason behind Coinbase choosing XRP and USD Coin [USDC] for Coinbase international transfers, over Bitcoin [BTC], the largest cryptocurrency by market cap. The Twitter user further stated that “the rationale of faster processing is BS given BTC has many more fiat off-ramps for those internationally.”
Earlier this week, news about Coinbase launching cross-border payments with XRP and USDC broke out, adding that they were “optimized for cross-border transmission.” Further, the exchange stated that apart from on-chain fees for sending coins outside Coinbase, there will be no fees charged for transfers between Coinbase users.
To this question, Coinbase’s CEO replied,
“[…] you can definitely send BTC off platform as well and use it for remittance. I think you’re referring to the lending page that we put out that was sort of emphasizing some of the use cases around it, don’t read too much into that. Like, you can do remittance with crypto on Coinbase in XRP, BTC and USD Coin, all of the above.”
This was followed by Armstrong agreeing with the Twitter user’s statement on Bitcoin having more fiat off-ramps.
Armstrong also spoke about the “most ambitious thing” Coinbase wanted to do in the next five years. He stated that “one of the ambitious things” was to have 100,000 people in Venezuela “look at crypto” in roughly 12 months with GiveCrypto, Coinbase’s crypto charity fund. He added,
“[…] I want to see if we can spark a bunch of uses there [Venezuela] and actually have a country in the world tip in. In other words, like 50% or more of all transactions in the economy are happening in crypto like that would be amazing, maybe you know, honestly like overthrow some corrupt dictators in the world that would be awesome […]”
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