Coinbase has unveiled the expansion of its USDC on Coinbase and Coinbase Pro, which is now available across 85 countries. It also announced the addition of 50 new countries for trading cryptos on the exchange platform. This according to an official blog post, May 14, 2019,
Rendering the Support of Stablecoins to Economically Weak Nations
Coinbase is one of the largest cryptocurrency exchanges across the globe. In its bid to onboard more traders from various countries, it today announced the support of stablecoin USDC for 85 countries while also adding support to 50 countries for crypto-to-crypto trading.
A year ago, the company supported only 35 countries while today, with the new announcement, it has extended its roots to 103. Of these, however, users of only 17 countries are eligible for fiat-to-crypto trading and the rest have to rely on crypto-to-crypto trades. To make it easier for participants from those countries, Coinbase has added support to USDC, a cryptocurrency that is pegged to USD, meaning that each USDC equals $1.
The company’s effort to make an international presence is quite evident from the aggressive expansion of its services to more and more countries. Only a month ago, Coinbase had announced its expansion to 11 countries.
The list of 50 new countries that the exchange is now offering its services to makes it evident that the motive of Coinbase was to provide a more reliable currency to citizens of those countries where the economy suffers from unprecedented inflation rates.
Not only does it seem like a great marketing plan to onboard a huge number of traders but also a step that would help curb the troubles that hyperinflation causes across so many countries. The availability of a stablecoin such as USDC in those countries can help people easily rely on the U.S. dollar rather than on their unstable native currency.
Acknowledging the same, Coinbase’s blog read:
“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.”
Some of the new countries added to Coinbase include Guatemala, Angola, Brunei, Jamaica, Turkey Uzbekistan, Rwanda, and Mauritius.
At present, Coinbase’s major competitor, Binance, offers services across more than 190 countries. But at the present rate, Coinbase may well form as strong a global presence as Binance.