Leading cryptocurrency exchange Coinbase is expanding the number of traditional fiat on-ramps. It will utilize the stablecoin USD Coin (USDC) to attract global traders and investors who are seeking to store value and hedge against inflation, and also make crypto trades by minimizing price swings. The company says that USDC trading is now available in 85 countries on Coinbase and Coinbase Pro.
According to the announcement,
“For new customers in countries like Argentina and Uzbekistan, where consumer prices are expected to inflate by 10–20% in 2020, stablecoins like USDC could provide an opportunity to protect against inflation. We won’t fully realize this vision without increasing the number of traditional fiat on-ramps, which we are committed to expanding where possible.”
USDC, Coinbase’s stablecoin collaboration with crypto services company Circle, is pegged 1:1 with the US dollar, unlike other cryptocurrencies that are not backed by the dollar and are subject to market volatility.
Coinbase is adding trading between cryptocurrencies to 50 new countries. The additional listings are part of the company’s strategy to grow the cryptosphere and expand its trading platform, which was only available in 32 countries one year ago.
The latest expansion opens the platform to millions of people living in the following countries: Angola, Armenia, Aruba, Bahamas, Bahrain, Barbados, Benin, Bermuda, Botswana, Brazil, British Virgin Islands, Brunei, Cameroon, Cayman Islands, Costa Rica, Curaçao, Dominican Republic, Ecuador, El Salvador, Ghana, Guatemala, Honduras, Jamaica, Jordan, Kazakhstan, Kenya, Kuwait, Kyrgyzstan, Macau, Maldives, Mauritius, Mongolia, Montenegro, Namibia, Nepal, Nicaragua, Oman, Panama, Paraguay, Rwanda, Serbia, South Africa, Taiwan, Trinidad and Tobago, Tunisia, Turkey, Uganda, Uruguay, Uzbekistan and Zambia.
Coinbase has also just launched XRP trading for residents in New York.
XRP (XRP) is now available to Coinbase users who are New York residents. New Yorkers can now log in to buy, sell, convert, send, receive, or store XRP on https://t.co/bCG11KMQ6s or using our iOS and Android apps.https://t.co/5VE1WklrWo pic.twitter.com/Zp5odgaoHs
— Coinbase (@coinbase) May 13, 2019
Coinbase initially introduced XRP trading to Coinbase Pro in February, allowing customers to buy and trade XRP with Bitcoin, the US dollar and the euro.