Coinbase Wallet Enhances User Experience with Link-Based Crypto Transfers
Summary:
Coinbase Wallet has unveiled a feature to enable crypto transfers via a link shareable across diverse social media and messaging platforms. Alongside facilitating such transactions on apps as iMessage, WhatsApp, Facebook, Instagram, Telegram, and TikTok, this addition is geared towards simplifying the process for new and less tech-savvy users. There are no fees for sending USD Coin (USDC) and unclaimed funds revert to the sender within two weeks. The feature aims to resolve hassles attributed to international bank wire transfers.
Coinbase Wallet has introduced a novel feature allowing cryptocurrency to be transferred using a link, a method compatible with various social media platforms and messaging applications. This enhancement aims to extend Coinbase's reach to a broader audience. Presently, users have the ability to share money on any platform where they can distribute a link, according to Coinbase's December 5 announcement. Messaging applications like WhatsApp, iMessage, Facebook, Instagram, Telegram, and even TikTok were among the examples cited.
Users can send the USDC (USD Coin) - a stablecoin pegged to the US dollar introduced by Coinbase in partnership with Circle in 2018, without incurring any fees. When users click the provided link, they are taken to their app store to download Coinbase Wallet, assuming they haven't done so before. They can then set up their wallet by clicking once.
In the event that the funds are not claimed within a fortnight, they are sent back to the original sender. To simplify operations for newcomers and those not technologically adept, Coinbase also incorporated a "simple mode" in its wallet interface that only displays basic tasks such as purchasing, sending, receiving, and examining assets.
The innovative feature targets to counteract the inconvenience often experienced with international bank transfers, which traditionally involve substantial fees, paperwork, and a waiting period of up to five working days for funds to be received.
Having climbed by more than 300% to $140 so far in 2023, Coinbase's stock price is still 59% off its record high of $343, reached on November 12, 2021, based on Google Finance's data.
Published At
12/6/2023 2:04:25 AM
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