Crypto could eliminate 97% of traditional remittance fees: Coinbase By Cointelegraph


© Reuters

A recent blog post from cryptocurrency exchange Coinbase (NASDAQ:) indicates the vast majority of U.S. remittance fees for international transfers wouldn’t apply to similar transactions conducted using cryptocurrency.

According to the exchange’s research, “The US average fee rate of 6.18%, means Americans’ average yearly spend is likely close to $12 billion on remittance fees.” The post goes on to state that the average transaction time for such remittances ranges from one to 10 days, while similar cryptocurrency transactions usually take around 10 minutes.