In a recent announcement on Tuesday (Dec. 5), cryptocurrency exchange Coinbase unveiled updates to its Coinbase Wallet, allowing users to send money seamlessly across various platforms supporting link sharing. According to a blog post from Coinbase, this advancement marks a departure from the traditional complexities associated with international money transfers, including intricate routing numbers, bank account details, costly wire transfers, and prolonged waiting periods for fund availability.
The Coinbase Wallet aims to revolutionize this process by providing users the capability to send money instantly and without fees through shared links on their preferred messaging and social media apps. By generating a link and sharing it, users of Coinbase Wallet can efficiently transfer funds to family or friends residing in different countries. Recipients can conveniently claim the funds through the Coinbase Wallet app or opt to download the app and establish a new wallet with a single click. Unclaimed funds within a two-week timeframe will automatically revert to the sender.
A key advantage highlighted in the post is Coinbase Wallet’s global accessibility, available in 20 languages and spanning over 170 countries. This expansive reach ensures that funds can be claimed anytime and anywhere across the globe.
Additionally, Coinbase Wallet introduces a feature supporting local fiat on-ramps in over 130 countries. This functionality allows individuals to purchase digital assets using region-specific payment methods, thereby enabling easy entry into the crypto economy and access to stable currencies.
In response to user needs, Coinbase Wallet is unveiling an optional “simple mode,” focusing on essential functions like buying, sending, receiving, and storing digital assets. Geared towards beginners, this mode aims to reduce complexity and streamline the overall payment experience.
During Coinbase’s quarterly earnings call on Nov. 2, Coinbase Co-Founder and CEO Brian Armstrong emphasized the transformative power of blockchain and crypto, likening their impact to that of the internet. Armstrong noted that these technologies are reshaping communication, business, and social interactions by providing a level playing field with robust and transparent systems, lower fees, faster transactions, and increased control over digital assets and transparency.
