Coinbase Wallet, a prominent player in the cryptocurrency exchange sector, has rolled out a game-changing update that simplifies and accelerates international money transfers. This new feature, part of Coinbase’s strategy to make cryptocurrency transactions more accessible, allows users to send money via links shared through various messaging and social media apps.
How the Feature Works
The process is designed for user-friendliness. Users can create a link within the Coinbase Wallet and share it through popular messaging apps like WhatsApp, Telegram, iMessage, Snapchat, TikTok, and even email. When the recipient clicks the link, they are directed to download the Coinbase Wallet app (if they haven’t already) and are then able to create a wallet with one click to claim the funds. If the funds remain unclaimed for a 12-day period, they are automatically refunded to the sender. This approach ensures convenience and security in transactions.
No Fees and Instant Settlement
Coinbase has highlighted that there are no fees for transactions made through this feature and that settlement of transactions is instant. This is particularly notable for USD Coin (USDC) transfers, a U.S. dollar stablecoin co-launched by Coinbase and its issuer, Circle, in 2018.
Simplifying International Money Transfers
The update addresses the complexities and costs typically associated with traditional methods of sending money internationally, such as expensive wire transfers, bank fees, and processing times that can take up to five business days. This feature allows users to bypass traditional banking hurdles while eliminating fees and ensuring instant settlement of transactions.
Global Reach and Usability
Coinbase Wallet’s new feature supports 20 languages and is accessible in over 170 countries, significantly improving liquidity and access globally. This includes introducing cash payment methods in key regions like Brazil, Nigeria, and the Philippines. Additionally, Coinbase introduced a “simple mode” for its wallet app, streamlining usability to focus on essential features like crypto swaps and digital asset storage.
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