Coinbase has rolled out a new service on its wallet. It enables users to transfer crypto via a link sent through major social media applications like Telegram, iMessage, TikTok, Facebook, WhatsApp, and Instagram.
Coinbase said the move is part of its plans to make its services accessible to a wider audience and eliminate possible barriers. In addition, Coinbase noted that there is no associated payment fee when sending stablecoin USDC.
Coinbase Is Innovating the Way Cryptos Are Transferred
Additionally, Coinbase stated that users can send funds to others in different countries with instantaneous and cost-free transfer settlements. However, both the sender and receiver will need to have the Coinbase wallet.
Send money anywhere you can send a link.
Easily. Instantly. For free.
⤷ https://t.co/CKyLu1wYEw pic.twitter.com/XX9YaZZEPm
— Coinbase Wallet 🛡️📞 (@CoinbaseWallet) December 5, 2023
If a person who doesn’t own the Coinbase wallet receives a payment link, they’ll be prompted to download the app from the Apple or Android app stores. However, the funds will be returned to the sender if the receiver fails to retrieve them within two weeks.
Coinbase also developed a “simple mode” for its wallet to assist novice and less tech-savvy users. The mode restricts its functionality to the purchase, transfer, receipt, and viewing of assets.
Coinbase Plans to Expand Its Services
Also, Coinbase explains that the new feature will help simplify the tedious process of making international transactions. Foreign bank wire transfers can take up to five working days for the funds to arrive and frequently come with expensive fees and paperwork. However, the new service makes it easy for anyone, anywhere, to send and receive funds with fewer delays.
The exchange wrote in a blog post: “We’ll continue to expand global access by providing options to buy digital assets in as many countries as possible. This is especially important for people in high-inflation economies with limited access to the global financial system and more stable currencies such as the US Dollar.”
JUST IN:
BlackRock has been buying Bitcoin throughout the whole bear market using their private trust.
This private trust was launched in 2022 with coinbase as custodian.
— Whale | Dinobet.io (@WhaleChart) December 5, 2023
Conclusion
Coinbase’s attempts to enhance the functionality of its digital wallet and possibly attract new clients coincide with the recent surge in the value of most cryptocurrencies. For example, Bitcoin recently crossed $44,000, indicating a gain of more than 25% over the previous 30 days.
