Coinbase Plans to Modernize Direct Deposit System with Blockchain-Based Stablecoin Settlements

Coinbase, a renowned cryptocurrency exchange, has expressed its intention to modernize its direct deposit system by replacing traditional ACH deposits with blockchain-based stablecoin settlements, as per a blog post penned by Yuga Cohler, a senior software engineer at Coinbase. The New Move from Coinbase! Coinbase‘s ultimate aim, as outlined in the blog post, is to update the financial system while focusing on consumer rights and safety, and thereby, promote the global adoption of cryptocurrency. The exchange criticizes the current direct deposit system in the US, known as the Automated Clearing House (ACH), for its inefficiencies and numerous shortcomings, including the involvement of multiple parties and complicated processes. Coinbase added that these issues inevitably lead to delays and a lack of standardization, but it believes that blockchain-based stablecoin settlements using a USD-pegged token like USDC could address these problems. Above all, performing transactions on the blockchain could provide faster approval times […] The post Coinbase Plans to Modernize Direct Deposit System with Blockchain-Based Stablecoin Settlements appeared first on COINTURK NEWS.