It’s an exceptionally simple approach for Coinbase customers in the United States and Canada, who may use their debit cards to make transfers.
Coinbase announced a new service called “Coinbase Pay” on Wednesday, which allows users to fund their Coinbase Wallets straight through a Chrome browser extension. Coinbase Pay aims to make it simple for anybody to engage in decentralised finance, or DeFi, swap tokens on decentralised exchanges, or DEXs, and buy nonfungible tokens, or NFTs, with only a few clicks, according to the company’s staff. They noted, in particular: “Users who wished to add funds to their Coinbase Wallet using the browser extension had to go to Coinbase.com, sign in to their account, copy-paste their wallet address, and physically transfer funds from their Coinbase account before they could use Coinbase Pay. The procedure was not only inconvenient, but it also exposed the user to human error.”
With Coinbase Pay, all one has to do is go to Chrome, select the currency to add to their wallet, enter the amount, and confirm the transaction. Coinbase’s staff noted, “No more hopping between applications, copy-pasting addresses, or manually transferring funds.”
Coinbase Wallet does not require a Coinbase.com account, according to the business. Before using Coinbase Pay as a fiat-to-crypto on-ramp service, they must first link their self-custody wallet to their Coinbase account. Despite coming from a centralised exchange, the user’s private keys are stored within the extension, not by Coinbase.
The Coinbase wallet added support for the Ledger hardware wallet last month. By the end of last year, the exchange had expanded to own 12% of all cryptocurrency across more than 150 asset classes. In addition, the company intends to develop its own NFT marketplace. The Coinbase NFT waitlist now has 3.86 million email addresses on it at the time of publication.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.
