Sending cryptocurrencies is now “as easy as sending a text” with Coinbase Wallet’s new feature. Users can now make crypto transfers through a link that can be sent on major messaging applications, like iMessage and WhatsApp.
This includes messaging platforms of popular social media sites as well, like Telegram, Facebook, Instagram, and TikTok. One can also receive money from any crypto exchange or self-custody wallet.
Stablecoins, like $USDC which was co-launched by Coinbase with its issuer Circle, can be bought (where Coinbase Pay is available) and sent without any payment fees. It can be done on networks such as Arbitrum, Avalanche, Base, Optimism, and Polygon.
“Together with payment aggregator integrations, we’re making crypto and stable currencies accessible worldwide,” stated the popular exchange.
On top of this, users have also been allowed to send payments in thousands of coins, including fee-free $USDC through Coinbase Wallet messaging, which is built into the application and powered by the XMTP protocol.
The official announcement on X (formerly Twitter) shared a link, which when clicked took the user into the Coinbase Wallet app. If they did not have the app, it directed them to download it from iOS or Android, creating a new wallet in just one click.
Users can then create payment links via the Coinbase Wallet app that are sharable on messaging platforms. If the funds are not claimed within two weeks, they are automatically returned to the sender.
The wallet comes with a “simple mode” to assist new and less tech-savvy users find their way around easily. This shows only essential functions like buying, sending, receiving, and storing digital assets. The blog post explaining the same emphasised how the exchange is now focused on making its service accessible to a wider market as the wallet is available in 20 languages and over 170 countries:
“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.”
The latest development is also aimed at solving the complexities with international bank wire transfers, which is known for its hefty fees and paperwork. This often takes a lot of time for funds to clear. In saying this, Coinbase reiterated how it believes crypto can eliminate 97% of traditional remittance fees.
Coinbase expressed how it views stablecoins as a big part of the future of money in a recently published blog. According to the post, physical cash no longer meets the needs and expectations of today’s digitally savvy consumers as fiat transfers can take days to process. Stablecoins, on the other hand:
“…offer consumers all the benefits of cash without the drawbacks – they’re faster, more affordable, and more accessible than fiat money, but just as stable and secure. They bridge traditional, physical cash payments and the digital space by helping currencies like the US dollar exist in digital form and move freely and efficiently on blockchains.”
As the broader crypto market recovers, Bitcoin etched a new yearly high this month. Meanwhile, Coinbase’s share price has increased by over 300% so far in 2023. Trading at around $140, this price level is still down 59% from its all-time high of $343, which was made in November 2021.
