By Mark Hunter
23 hours agoWed Dec 06 2023 08:59:08
Reading Time: 2 minutes
Coinbase Wallet now enables users to send funds via text messages on platforms like Telegram and WhatsApp
This move is part of Coinbase’s strategy to enhance the user-friendliness of Coinbase Wallet for a wider audience
The new feature, starting with USDC, streamlines the process by not requiring the recipient to have a Coinbase Wallet at the time of sending.
Coinbase has unveiled a series of updates to its decentralized Wallet product including the ability to send send funds via simple text messages through popular platforms such as Telegram and WhatsApp. The introduction of this feature aligns with Coinbase’s broader strategy to make Coinbase Wallet, a decentralized product distinct from the custodial wallet on its exchange, more user-friendly for a broader audience. The new feature is available initially with USDC and doesn’t need the recipient to have a Coinbase Wallet at the time of sending.
No Need for Coinbase Wallet at Both Ends
Coinbase Wallet users could already send USDC without fees, but they previously needed to know the recipient’s wallet address. The new texting feature eliminates this requirement, significantly streamlining the process, especially for international transactions between friends or family members. Another added bonus is the fact that the recipient doesn’t need to have the Coinbase Wallet already installed to get their funds; they receive a one-click prompt to install it and claim their funds. If unopened after two weeks, the funds revert to the sender.
Coinbase Wallet’s unique characteristic is that it grants users control over their private keys, avoiding the “know your customer” process typically associated with custodial wallets. Although this could raise regulatory concerns, Coinbase asserts that users, not the company, have ultimate control over their funds, placing the activity outside the company’s responsibility.
Coinbase Introduces “Simple Mode”
Coinbase has also introduced a “simple mode” for Coinbase Wallet, focusing on core functions like sending and receiving money. In addition to USDC, users can employ the new messaging feature to send bitcoin and other cryptocurrencies, although transacting with certain cryptocurrencies may incur network fees that exceed the transaction value or require the use of layer-2 blockchains. This introduces additional complexity somewhat at odds with Coinbase’s mantra.
By combining its global access with the user-friendly messaging service, Coinbase aims to foster the adoption of cryptocurrencies as a rapid and efficient cross-border payment solution—an objective the crypto industry has long aspired to achieve. The new features of Coinbase Wallet are set to roll out progressively starting this week and will be available to all users by the end of the week.
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