Crypto exchange Coinbase (COIN) has updated its decentralized wallet, adding a low-cost way for users to send money to each other through messaging apps instantly.
As part of its plan to encourage widespread use and simple payments, Coinbase Wallet now provides users with the ability to transfer cryptocurrency with a link provided via email and popular messaging services like WhatsApp, Telegram, iMessage, Snapchat, TikTok, and others. According to a Coinbase announcement:
“When your recipient clicks the shared link, it’ll take them into the Coinbase Wallet app to claim or direct them to download the Coinbase Wallet app on iOS or Android and create a new wallet in just 1 click”
Within 12 days, the monies are available for claim; beyond that, Coinbase automatically reimburses the sender. America’s biggest domestic cryptocurrency exchange claims that there are no costs and that settlement happens instantly.
To increase liquidity and accessibility, Coinbase Wallet has supported fiat onramps in 130 countries. On December 5, the corporation said it had begun accepting cash payments in places like Brazil, Nigeria, and the Philippines.
Additionally, the cryptocurrency exchange released a new, straightforward mode for its Wallet app that simplifies the use of key functions, including cryptocurrency swaps and digital asset storage. The statement goes on:
“These updates reflect our commitment to making money transfers easier, cheaper, faster, and borderless. By reducing complexity and fees while expanding global access, we’re enabling millions of people to engage with the crypto economy in meaningful ways.”
Coinbase launched its three-pronged strategy the day after Armstrong said he envisions a “long-term coexistence of fiat and crypto.” Furthermore, the exchange has urged American lawmakers to establish precise stablecoin laws, pointing out that cash quickly goes out of style.
As previously noted, Coinbase is one of the biggest spenders on lobbying related to cryptocurrencies in 2023. As of 2024, businesses are expected to outspend money on supporting laws pertaining to digital assets in the United States.
