Coinbase: Crypto Can Save Americans Billions Of Dollars In Remittance Fees

It’s just revealed the fact that the US crypto exchange Coinbase thinks Americans could save billions of dollars a year in remittances by using digital assets. Check out the following reports about this below.

Coinbase notes in a new blog post that banks charge Americans an average remittance fee of 10.8%, money transfer operators charge an average of 6.2%, and post offices charge 5.5%.

“Americans spend over $12 billion a year in fees just to send money to friends and family abroad. These remittances are a vital lifeline for underbanked communities, enabling those who need it most to buy essential household goods, invest in healthcare, and fund education.”

He continued and said the following:

“Yet the process for international transfers is shockingly slow and expensive. Crypto international money transfers are significantly faster and over 96% cheaper, substantially relieving the burden placed on communities who wish to provide support for their families and friends abroad.”

Coinbase argued that crypto could dramatically reduce the amount of money spent by Americans on remittance fees per year.

“Cryptos like Bitcoin or Ethereum can greatly cut the cost of sending money internationally by about 96.7% vs. the current system. Sending Bitcoin to another wallet costs an average of $1.50 per transaction, and Ethereum costs an average of $0.75 per transaction. These numbers speak for themselves. The burden of fees can be removed.”

VanEck CEO said that BTC and gold would see some impressive moves these days.

It’s been revealed that these two are likely to take off on huge multi-year bull cycles.

In a new interview with CNBC, van Eck is forecasting that economic conditions will probably increase the value of gold and Bitcoin which many investors view as a hedge against depreciating currencies.

Stay tuned for more details about this, and make sure to check out the crypto markets as well.