Key takeaways:
- Coinbase cryptocurrency exchange has launched Coinbase Pay, a new product designed to make the process of transferring crypto less cumbersome
- The new tool makes Coinbase browser wallet better-suited for DeFi and Web3 use cases
- Earlier this week, Coinbase announced it has met with over 100 creators ahead of the launch of its NFT marketplace
The new Web3-oriented product makes it easy to top up Coinbase Wallet
Cryptocurrency exchange Coinbase has launched Coinbase Pay, a new tool designed to streamline the process of onboarding funds to a digital wallet. Previously, users had to login into their exchange account, copy the address and confirm the transaction of funds from their Coinbase account. The multi-step process left a lot of room for error and surely made many newcomers to crypto nervous when transferring funds to their self-custody wallet.
With Coinbase Pay, the whole process takes only a couple of clicks, with first-time deposits taking by far the longest as it requires users to link their wallet to their Coinbase accounts. Once the account is linked to the wallet, Coinbase Pay takes care of the rest and makes copy-pasting of blockchain addresses a thing of the past.
With the addition of Coinbase Pay, the exchange’s browser extension received a much-needed upgrade that will make it easier for users to engage in various Web3 and decentralized finance (DeFi) use cases. Coinbase Pay comes roughy fours months after the company upgraded its popular wallet solution and released it as a standalone browser extension.
The publicly-traded exchange apparently believes that an internet browser is the most important getaway to the world of Web3 and DeFi. Coinbase’s senior product managers explained why in the blog post:
“With the Coinbase Wallet extension, your Chrome browser can securely interact and engage with all manner of web3 applications. Kickstart your NFT collection, earn yield through DeFi lending protocols, and grow your crypto portfolio with hundreds of thousands of tokens supported via decentralized exchanges (DEXes).”
In related news, Coinbase revealed earlier this week that it will “soon” be launching its own non-fungible token (NFT) marketplace and will thus follow in the footsteps of rival centralized exchanges, like Binance, FTX, and Bybit, which have recently launched their own NFT offerings. Coinbase had also announced a partnership with Mastercard earlier this year with the aim of making the NFT buying experience more accessible and less complex.
