Users may now transfer funds on any platform that allows users to share a link.
Payments will be sent back to the sender if the funds are not claimed within two weeks.
In an effort to expand its user base, cryptocurrency exchange Coinbase has introduced a new feature to its wallet that enables the transfer of cryptocurrency using a link that can be shared through many popular messaging applications and social media platforms.
Coinbase said in a blog post on December 5 that users may now transfer funds on any platform that allows users to share a link. Coinbase co-launched USDC in 2018 alongside its issuer, Circle, and there is no payment cost when transferring it.
Eyeing User Base Expansion
According to Coinbase, if the receiver hasn’t previously downloaded Coinbase Wallet, they may do so in a single click after clicking the link.
Moreover, payments will be sent back to the sender if the funds are not claimed within two weeks. For customers who aren’t as tech-savvy, Coinbase has created a “simple mode” that restricts the wallet to exposing just the most fundamental features, such as the ability to purchase, sell, receive, and view assets.
Coinbase said that the new tool is an attempt to simplify foreign bank wire transfers, which the company claims can involve heavy paperwork, expensive fees, and a five-business-day waiting period for the money to arrive.
Just one day after CEO Brian Armstrong predicted a “long-term coexistence of fiat and crypto,” Coinbase launched its three-pronged scheme. Coinbase has also noted that currency is quickly becoming obsolete and has urged lawmakers in the United States to establish transparent legislation for stablecoins.
With the Coinbase Wallet, users may also receive funds from any cryptocurrency exchange or self-custody wallet. Coinbase has used this strategy to streamline the payment process for its customers.