Brian Armstrong, who is the CEO and co-founder of Coinbase, recently spoke out about the use of USDC and XRP for Coinbase international transfers, during the recent AMA session on YouTube.
The news about Coinbase launching cross-border payments
One user of Twitter asked the CEO what the reason was behind Coinbase choosing USD Coin and XRP for international Coinbase transfers over Bitcoin. The user even said that the rationale of faster processing is BS given BTC has a lot of fiat off-ramps for those internationally.
Earlier in this week, news about Coinbase launching cross-border payments with USDC and XRP broke out and added that they were actually optimized for cross-border transmission.
Furthermore, the exchange stated that aside from the on-chain fees for sending coins outside of Coinbase, there are not going to be fees charged for transfers between the users of Coinbase.
The reason behind Coinbase choosing USDC and XRP
Responding to the question, Armstrong said that the Twitter user can definitely send BTC off the platform and use it for remittance. He believes that the user refers to the landing page which they have put out that was kind of emphasizing some of the use cases around it and don’t read too much into that. He said that people can do remittance with crypto on Coinbase in BTC, XRP, and USD Coin, all of the above.
What followed after that was Armstrong agreeing with the user in regards to Bitcoin having more fiat off-ramps. Moreover, in the AMA session, he spoke about the most ambitious thing which Coinbase wanted to do in the following five years.
He stated that one of the things was to have about a hundred thousand people in Venezuela look at crypto in almost a year with GiveCryot, the charity fund of Coinbase.
The controversial move of Coinbase in supporting XRP
Armstrong added that he wants to see if they could spark a bunch of uses there and have a country in the world tip in. In other words, just like 50% or more of all the transactions in the economy are occurring in crypto like that would be amazing, honestly like overthrow some corrupt dictators in the world which would be awesome.
The move that Coinbase made to support XRP and not BTC was a controversial one who also sent some enthusiasts into an uproar. They also believe that the exchange is biased towards XRP with giving it such support, therefore, the question Armstrong has been asked.