Coinbase Wallet unveils instant money, crypto transfers via links
Coinbase has introduced a new feature for Coinbase Wallet where users can send and receive money using a link on any platform, including messaging apps and popular social media apps like TikTok, Instagram, and Facebook, as well as email.
The feature, revealed on Tuesday, is intended to bypass the need for traditional payment methods, making it easier, faster, and affordable to share funds with friends and family worldwide. In order to use the feature, the sender can simply generate a link and share it instead of manually entering recipient wallet addresses, routing numbers, or bank account numbers.
The intended recipient must also have Coinbase Wallet installed to receive any money. If the recipient doesn’t have a wallet, they will be prompted to download it from the Apple or Android app stores to create one. Any unclaimed funds within two weeks will be automatically returned to the sender.
Chintan Turakhia, the head of Coinbase Wallet, said during an interview with Fortune that enabling money transfers via text aligns with the company’s vision of fostering “economic freedom.” This is because users send money instantly and fee-free, leaving out costly wire transfers, bank fees, and days of waiting for the funds to arrive.
Send money anywhere you can send a link.
Easily. Instantly. For free.
— Coinbase Wallet 🛡️📞 (@CoinbaseWallet) December 5, 2023
Crypto wallet simplified
While Bitcoin and other cryptocurrencies can be sent via messaging apps, network fees may sometimes apply. Coinbase Wallet supports fiat on-ramps to address this, enabling users to move money in and out of the crypto ecosystem across 130 countries. Some popular payment methods include Pix in Brazil, Instant P2P Bank in Nigeria, and GCash in the Philippines.
To make its wallet more beginner-friendly, Coinbase has introduced Simple Mode, which only displays basic functions like buying, sending, receiving, and viewing assets. The streamlined interface makes it easier for new users to navigate the wallet and get started with cryptocurrency.
Coinbase’s efforts to enhance the utility of its digital wallet and potentially attract new users coincide with a resurgence in cryptocurrency prices. Bitcoin, the leading digital asset by market capitalization, recently surpassed $44,000, representing a 30-day gain of over 25 percent.
The company’s share price has also exhibited strong performance this year as its battles with the Securities and Exchange Commission (SEC) have subsided. At the same time, major traditional finance players like BlackRock anticipate the approval of their spot bitcoin ETF application.
Coinbase shares have surged nearly 290 percent year-to-date, according to TradingView. It gained 0.3 percent on the day when the new feature was announced, closing at $141.46 at 3:36 p.m. ET.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information