Coinbase Integrates Message-Based Crypto Payments in Decentralized Wallet

• Coinbase Enhances Decentralized Wallet with New Payment Feature
• New Features Encourage Peer-to-Peer Transfers
• Shifting User Focus to Cryptocurrencies as Payment Method
• Significant Growth Despite Adverse Market Conditions
• Increasing Crypto Exposure Among Traditional Financial Players

Coinbase Enhances Decentralized Wallet with New Payment Feature

Crypto exchange Coinbase (COIN) has rolled out an upgrade to its decentralized wallet, introducing a cost-effective way for users to seamlessly send funds to one another via messaging apps. This innovation aims to foster the wider adoption of cryptocurrencies by incorporating functions equivalent to those provided by payments giant Paypal.

New Features Encourage Peer-to-Peer Transfers

The novel feature allows users to send links to fellow Coinbase wallet owners in 170 countries through various applications. These include popular messaging services iMessage, WhatsApp, Telegram, and social media platforms like Facebook, Instagram, Snapchat, TikTok, or even basic email. This allows users to send or receive money, as stated in a company blog post.

Shifting User Focus to Cryptocurrencies as Payment Method

This enhancement shifts the primary perception of cryptocurrencies from being solely investment vehicles to functioning as a practical method of payment. This shift could potentially increase crypto adoption across a wider demographic, especially among those who wish to transfer funds internationally without the burden of delays, bank fees and other related costs.

Joining this trend, the @wallet bot on Telegram integrated USDT earlier this year. This enabled users to trade the world's largest stablecoin by market cap through messaging.

Significant Growth Despite Adverse Market Conditions

The past year witnessed a turbulent time for the Nasdaq-listed crypto exchange, influenced by the crypto winter and a struggling U.S. economy. Despite these challenges, the company's stock price has soared almost 300% year to date as the crypto market sees an upturn.

Increasing Crypto Exposure Among Traditional Financial Players

The upgraded functionality coincides with many companies, especially major entities in the conventional financial sphere, striving to gain exposure to the crypto ecosystem. In approximately a month, the Securities and Exchange Commission (SEC) is expected to approve or reject applications for spot-bitcoin exchange-traded funds (ETFs) from a myriad of applicants, including BlackRock, Fidelity, Franklin$0.0015 -3.24% and others.

Edited by Jonathan Stoker