The Coinbase Pay will transform funds transfer into a swift and hassle-free process suitable to the growing system of DeFi, NFTs, and token swapping across DEXs.
On Wednesday, March 16, cryptocurrency exchange Coinbase announced the launch of its new feature “Coinbase Pay”. This feature will allow Coinbase users to add funds to their Coinbase wallets directly using a Chrome Browser extension.
Coinbase Pay
Thus, Coinbase Pay will make fund transfer more seamless, intuitive, and hassle-free for Coinbase users. The official announcement notes:
“Before Coinbase Pay, users who wanted to add funds to their Coinbase Wallet from the browser extension needed to navigate to Coinbase.com, sign in to their account, copy-paste their wallet address, and manually transfer funds from their Coinbase account. The process was not only cumbersome, but also left the user vulnerable to user error”.
This will prevent users from sending funds accidentally to the wrong address. Using the “Add Crypto With Coinbase Pay” feature, users can quickly move the funds to the Coinbase wallet extension. Later, users can just select the currency that they want to add to their wallet, specify the amount and confirm the transaction.
Addressing the DeFi, NFT, and the Web3 Community
The crypto ecosystem has been on a pretty fast expansion with the rapid growth of the DeFi, NFT, and Web 3.0 communities. But to access these services to their true potential, users need to have a self-custody wallet.
This is, however, a cumbersome process involving switching between multiple steps with manual transfers and switching between apps. This is where Coinbase Pay fills the gap. It eliminates the hassle of fund transfers making it intuitive to participate in DeFi and NFT purchases. The announcement adds:
At Coinbase, our mission is to increase economic freedom in the world. A key part of realizing this mission is building crypto products and services that are easy-to-use and accessible. Coinbase Pay makes it even easier for users to get web3-ready with Coinbase Wallet.
The exchange notes that the Coinbase Wallet extension will allow users to securely interact and engage with other Web 3.0 applications.
The latest announcement of Coinbase Pay comes as the exchange prepares to launch its own NFT marketplace. As per the early details, Coinbase is planning to introduce tools and innovations not currently available in the NFT market. However, Coinbase is yet to announce the official date of its launch.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
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