Coinbase, a leading cryptocurrency exchange, has launched an innovative feature in its Coinbase Wallet, streamlining the process of transferring cryptocurrencies. This new functionality enables users to send crypto through links, which can be shared across various popular social media platforms and messaging applications, broadening the accessibility of its services.
As detailed in a blog post on December 5, Coinbase users can now send money via platforms where they can share a link. This includes popular apps like iMessage, Telegram, WhatsApp, Facebook, Instagram, and TikTok. Significantly, users won’t incur any payment fee when transferring USD Coin, a U.S. dollar stablecoin co-launched by Coinbase and Circle in 2018.
The process for recipients is straightforward. Clicking the shared link will direct them to their device’s app store to download the Coinbase Wallet if they haven’t already. From there, recipients can easily set up a wallet with just one click, as highlighted by Coinbase.
Coinbase has implemented a safety feature whereby if the transferred funds are not claimed within two weeks, they will automatically be returned to the sender. This adds an extra layer of security to the transfer process.
To cater to a broader audience, including those less familiar with technology, Coinbase has introduced a “simple mode” in its wallet. This mode focuses on basic functions like buying, sending, receiving, and viewing assets, making it more user-friendly for new and less tech-savvy users.
The introduction of this feature is part of Coinbase’s initiative to address the complexities and limitations associated with international bank wire transfers. Traditional wire transfers often come with high fees and extensive paperwork, and it can take up to five business days for the funds to arrive. Coinbase’s solution offers a more efficient and cost-effective alternative.
Despite these advancements, as Google Finance reported, Coinbase’s share price has experienced fluctuations. While the share price has increased over 300% in 2023, reaching $140, it remains 59% below its all-time high of $343, recorded on November 12, 2021. This development reflects Coinbase’s ongoing efforts to innovate and expand its services in the dynamic world of cryptocurrency.