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Coinbase Plans To Remove Commission Fees On Sales And Purchases Of USD coin (USDC)

In an effort to encourage a more widespread use of its stablecoin, the leading digital currency exchange, Coinbase, made the announcement on October 20 that it would no longer charge commission fees for sales and purchases of USD coins (USDC) made in any fiat currency. This was done as part of an effort to promote the global adoption of Coinbase’s stablecoin.

Coinbase became public in 2021, but its value has been somewhat related to the price of Bitcoin, which has resulted in a consistent loss in value during 2022. This has caused Coinbase’s value to continue to decrease.

Several complaints have been made against Coinbase, including that the company overcharged users for transactions and did not make cash accessible when it was supposed to. It was also compelled to provide the Internal Revenue Service (IRS) with information on traders in the United States who possessed significant quantities of cryptocurrencies.

In comparison to its competitors, Coinbase’s fees are a significant disadvantage, especially considering that competing platforms’ charges are relatively low. The majority of Binance’s trading activity comes from Asian markets, despite the exchange just being established in 2017.

“Users usually have to pay fees in the process of converting their local currency into USDC, and this is a barrier to broader international adoption,” the post read. “The way to correct this, and accelerate adoption of USDC internationally, is by establishing global parity for all users.”

The decision by Coinbase to promote USDC comes at a time when inflation is on the rise globally, with consumers in both rich and poor countries feeling the heat of rising prices. Coinbase’s decision comes at a time when inflation is on the rise globally. As a result, some people have decided to convert their volatile fiat currencies into stablecoins like USDC, which have their value anchored to the US dollar. 

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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