Breaking: Coinbase Launches Crypto Payments Via Social Media Links
American trading platform Coinbase Global Inc. has added a new feature to its decentralized Wallet product to facilitate the transfer of crypto assets and stablecoins like USDC between users on several social media platforms.
Coinbase Wallet Offers Easier Crypto Payment Solution
The new improvement is aimed at making the transfer of money easier, cheaper, and faster. Users are only required to create a link on Coinbase Wallet and then share their links through messaging apps like WhatsApp, iMessage, Telegram or even email, to their beneficiaries to initiate the crypto transactions of their choice. Social media platforms including Facebook, Snapchat, TikTok, and Instagram could also be utilized.
The new service, which was kick-started earlier today, cuts across several nations of the world. Specifically, Coinbase Wallet for crypto payments is available in 20 languages and over 170 countries. This makes it easier for recipients to claim their assets from anywhere around the world.
Recipients only need to click on the shared link after which they would be redirected to the Coinbase Wallet app. Those who do not already have the app will be directed to download it on iOS or Android. Once downloaded, the new user would create a new wallet in just 1-click. Noteworthy, funds that are not claimed by the beneficiary within two weeks, would be returned to the sender.
New Value, No Fee
The upgrade takes care of the problem of having to download multiple apps or the long search for usernames and profiles whenever a user wants to complete a transaction, a new value addition for all. To complement this, the service offers instant settlement and does not attract any fee.
“Let’s say you want to send money to family or friends in another country. Instead of dealing with the complexity of routing numbers, bank account numbers, expensive wire transfers, bank fees, and waiting up to 5 business days for the money to become available, simply use a link from Coinbase Wallet to send via your favorite messaging and social apps with no fees and instant settlement,” Coinbase shared on a blog post.
Additionally, the Coinbase Wallet allows a user to receive money from any crypto exchange or self-custody wallet. Ultimately, it is one of Coinbase’s strategies for simplifying users’ payment experience.
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