Start crypto trading through Coinbase, WhatsApp, Telegram, and other messaging platforms
Coinbase Wallet, a prominent player in the cryptocurrency exchange space, has released a game-changing update that simplifies and accelerates international money transfers. Part of Coinbase’s strategy to make cryptocurrency trading more accessible, this new feature will allow users to send money via links shared across various messaging and social media apps.
How the feature works
This process is designed to be user-friendly. Users can create links within Coinbase Wallet and share them through popular messaging apps such as WhatsApp, Telegram, iMessage, Snapchat, TikTok, and even email. When recipients click the link, they will be prompted to download the Coinbase Wallet app (if they haven’t done so already) and can create a wallet and claim funds with one click. If the money remains unclaimed for 12 days, the money will be automatically refunded to the sender. This approach ensures convenience and security of transactions..
No fees and instant settlement
Coinbase emphasized that there are no fees for transactions made through this feature, and trade settlement is instant. This is especially true for USD coins (USDC) transfers is a US dollar-denominated stablecoin jointly launched by Coinbase and issuer Circle in 2018.
Simplifying international money transfers
This update addresses the complexities and costs typically associated with traditional methods of sending money internationally, including expensive wire transfers, bank fees, and processing times that can take up to five business days. This feature allows users to bypass the hurdles of traditional banking while eliminating fees and ensuring immediate settlement of transactions.
Global reach and usefulness
Coinbase Wallet’s new features support 20 languages and are accessible in more than 170 countries, significantly increasing liquidity and accessibility globally. This includes introducing cash payment methods in key regions such as Brazil, Nigeria and the Philippines. Coinbase has also introduced “Simple Mode” to its wallet app, streamlining usability so you can focus on essential features like cryptocurrency swaps and digital asset storage.
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