Coinbase has loaded up its platform with a new feature that allows users to fund their crypto wallets directly via an extension on the Chrome browser. This new feature is named ‘Coinbase Pay’. The US-based crypto exchange aims to get more participation from the general public in the emerging decentralised finance (DeFi) space. The company aims to keep up with the developing Web 3 sector, where cryptocurrencies, non-fungible tokens (NFTs), and the metaverse will make for key elements.
The Coinbase Pay feature will allow users to select a cryptocurrency that they want to add to their wallet, specify the amount, and click ok to process the transaction.
“Before 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. The process was not only cumbersome, but also left the user vulnerable to user error,” the company explained in a blog post.
The feature will prevent the need of switching between apps and engaging in manual transactions for Coinbase users.
“With the Coinbase Wallet extension, your Chrome browser can securely interact and engage with all manner of Web 3 applications. Kickstart your NFT collection, earn yield through DeFi lending protocols, and grow your crypto portfolio with hundreds of thousands of tokens supported via decentralised exchanges (DEXes),” the blog post added.
Surojit Chatterjee, the Chief Product Officer of the crypto exchange also tweeted the development.
Today we’re introducing Coinbase Pay, easily fund your Coinbase Wallet and explore web3. No more switching between apps, copy-pasting addresses or manually transferring funds. Coinbase Pay makes it easy to get Web3-ready with Coinbase Wallet. https://t.co/tLQV1f9kTp
— surchatt.eth (@surojit) March 16, 2022
Despite uncertainty around crypto regulations, Coinbase has emerged as one of the world’s most popular crypto exchanges. The company first launched in 2012 with the intent of allowing Bitcoin transactions.
The firm has joined 16 other crypto players in the ‘Crypto Market Integrity Coalition (CMIC)’ group that aims to make the overall crypto market a safe space for conducting business.
In November, the platform had begun testing a subscription service that lets customers trade on it without having to pay a transaction fee for each trade.
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