Coinbase trading services for the USD coin (USDC) are now available for customers in 85 more countries according to the official blog post posted on May 14. The latest cryptocurrency news will share a part of the blog post.
The United States crypto exchange titan announced a major global expansion and now serves 103 countries in total. Along with the USDC announcement, the platform also added 50 more jurisdictions to its coverage including countries such as Taiwan, South Africa, and Brazil.
The crypto exchange added that they will move further to help speed up the mainstream adoption process of crypto trading. The USD Coin is the first stablecoin to be listed on the Coinbase platform. The exchange initially listed USDC back in 2018 in October for customers in chosen jurisdictions in the United States. The company pointed out:
“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.”
USDC was launched in 2018 at the end of the autumn according to the best cryptocurrency news sites, along with the crypto finance startup Circle. The CENTRE consortium developed the coin in order to ease the transfer value on the public blockchains:
“Crypto assets and blockchain technology will enable us to exchange value and transact with one another … instantly, globally, securely and at low cost.’’
By adding the Coinbase trading services in the 85 new jurisdictions, the company will ‘’improve the lives of people in countries where inflation is eroding wealth.’’ The platform also noted that stablecoins such as USDC will provide an opportunity to protect the citizens of high inflation in countries such as Uzbekistan, Argentina, and others where the prices are expected to inflate further up to 30 percent by 3030.
At the start of the week, a Coinbase-backed startup dubbed Reserve announced that it would soon launch its Venmo-styled app in Venezuela for crypto to fiat payments. The goal is to target this country in particular in order to help the citizens with ever-growing inflation. The stablecoin is also a digital currency which has a minimal due to its 1:1 peg to a certain fiat currency. There are about 350 million USDC circulating currently.
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