Coinbase is trying to innovate and offer more flexibility on how its users can add funds to their wallets. On this Wednesday, March 16, the company launched a new feature dubbed “Coinbase Pay”. It allows clients to fund their Coinbase Wallets straight from a Chrome Browser extension. According to the company’s development staff, Coinbase Pay intends to make it intuitive for anyone to participate in its decentralized finance or DeFi.
The company wants to ease the process of adding funds to the wallet, swap tokens on decentralized exchanges, or DEXs, and purchase non-fungible tokens, or NFTs in just a couple of clicks. They made the following statement about the new feature:
“Before Coinbase Pay, users who wanted to add funds to their Coinbase Wallet from the browser extension needed to navigate to Coinbase.com, sign in to their account, copy-paste their wallet address, and manually transfer funds from their Coinbase account. The process was not only cumbersome but also left the user vulnerable to user error.”
Through Coinbase Pay, one simply needs to select the current to add to one’s wallet on Chrome. They just need to specify the amount and confirm the transaction. “No more switching between apps, copy-pasting addresses and manually transferring funds,” the staff at Coinbase wrote.
As per the company, users won’t need a Coinbase.com account to use Coinbase Wallet. However, they will need to link their self-custody wallet to their Coinbase account before using the new extension as a fiat-to-crypto on-ramp service. Worth noting, however, that the private keys within the extension are stored by the user.
Worth noting, that back in the last month, Coibase Wallet has enabled support for the Ledger hardware wallet. By the end of 2021, the exchange grew to store 12 percent of all crypto across more than 150 asset types. The company also has plans to launch its NFT marketplace. The range of NFT is constantly growing and penetrating the most varied ranges of this tech industry. Apps, Games, and even software are starting to consider NFT as a new business model. Worth noting that at the time of the publication, there are currently 3.86 million email addresses recorded on the company’s NFT waitlist.
We are curious to see how the new extension will help to further consolidate the platform. The new extension certainly will ease the life of many users providing a seamless experience.