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Overseas Crypto Transfers Cost 96.7% Less Than Traditional System: Coinbase

According to research by Coinbase, Americans spend over $12 billion annually in remittance fees when sending money overseas to family and friends using the traditional financial system. However, overseas remittances using Bitcoin and Ethereum cost 96.7% less, the report states. Coinbase also noted that sending Bitcoin to another wallet costs an average of $1.50 per transaction, while an Ethereum transaction costs $0.75, with an average waiting time of about 10 minutes. The company called for American regulators to recognize the value of responsible crypto products and services to update an antiquated system.

(By PRADIPTA MUKHERJEE)

Coinbase
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