Popular US-based exchange Coinbase has announced the launch of Coinbase Pay, an easy way for users of the platform to participate in Web3 and other crypto services.
According to Coinbase’s blog post, Coinbase Pay will function as a simple way for users to fund their Coinbase Wallet from the Chrome extension app. The company highlights the importance of customers being able to access and use services such as decentralized finance (DeFi), non-fungible tokens (NFTs), and other web3 services via a method that is user-friendly.
Coinbase says that until the introduction of 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.” Of course, this process was “not only cumbersome, but also left the user vulnerable to user error.”
Coinbase Pay “makes the process faster, easier, and more secure than ever before” since “all you need to do is select ‘Add crypto with Coinbase Pay’ when you want to add crypto to your Coinbase Wallet extension”, “select the currency you want to add to your wallet”, “specify the amount”, and “confirm the transaction”. In other words, “no more switching between apps, copy-pasting addresses, and manually transferring funds.”
US and Canada based users of Coinbase can “currently use their debit cards and bank accounts for transfers, with more payment options enabled globally soon.” It is worth pointing out that “first-time users of Coinbase Wallet will need to link their self-custody wallet to their Coinbase account before being able to use Coinbase Pay.”
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