Coinbase Users Can Now Send Money Via Email, Social Media, Messaging Appsby Fintech News Philippines December 6, 2023
Cryptocurrency exchange Coinbase has upgraded its Wallet service, introducing features that significantly simplify and accelerate the process of sending money globally.
This enhancement enables users to transfer funds via a variety of platforms, including widely-used messaging apps like WhatsApp, iMessage, Telegram, and popular social media platforms such as Facebook, Snapchat, TikTok, and Instagram, in addition to email.
The new service aims to bypass traditional banking hurdles like routing and bank account numbers, high wire transfer fees, and lengthy processing times.
Users can now generate a link in Coinbase Wallet, available in 20 languages and over 170 countries, and share it through their preferred communication channels.
The process is said to be straightforward – recipients click the shared link to claim the funds through the Coinbase Wallet app. If they don’t have the app, they will be directed to download it on iOS or Android and set up a new wallet. Unclaimed funds are automatically returned to the sender after two weeks.
Coinbase Wallet is expanding its reach globally, especially targeting regions with high inflation and limited access to stable currencies like the US Dollar. The service now supports local fiat onramps in over 130 countries including GCash in the Philippines, with popular payment methods specific to each region.
Moreover, Coinbase Wallet users can receive money from any crypto exchange or self-custody wallet. The service offers the ability to buy USDC without Coinbase fees and send it globally without charges on networks such as Arbitrum, Avax, Base, Optimism, and Polygon. Payments can also be made in thousands of coins, including fee-free USDC, through Coinbase Wallet messaging.
To assist beginners, Coinbase Wallet is introducing a ‘simple mode’, focusing on basic functions like buying, sending, receiving, and storing digital assets.