Coinbase has loaded its platform with a new feature that allows users to finance their crypto wallet directly through an extension in the Chrome browser. The name of this new feature is ‘Coinbase Pay’. The goal of the US-based crypto exchange is to increase the participation of the general public in the emerging decentralized money (DeFi) space. The company’s goal is to keep pace with the developing web 3 sector, where cryptocurrency, non-fungible tokens (NFTs) and metavers will build for key elements.
The Coinbase Pay feature will allow users to select a cryptocurrency they want to add to their wallet, specify the amount and click OK to process the transaction.
“Before paying Coinbase, users who wanted to add funds to their Coinbase wallet from a browser extension would need to navigate 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 complicated, but also put the user at risk for user errors, “the company explained in a blog post.
The feature will prevent you from switching between apps and requiring Coinbase users to engage in manual transactions.
“With the Coinbase Wallet extension, your Chrome browser can safely interact and interact with all kinds of Web3 applications. Kickstart your NFT collection, reap the benefits of the DeFi transaction protocol, and grow your crypto portfolio with thousands of tokens supported by Decentralized Exchange (DEXes), “the blog post added.
Crypto Exchange Chief Product Officer Surjit Chatterjee also tweeted about the development.
Today we are launching Coinbase Pay, easily finance your Coinbase Wallet and explore Web 3. No need to switch between apps, copy-paste addresses, or transfer funds manually. Coinbase Pay makes it easy to get Web3-Ready with Coinbase Wallet. https://t.co/tLQV1f9kTp
– surchatt.eth (@ arranged) March 16, 2022
Despite the uncertainty over crypto regulations, Coinbase has emerged as one of the most popular crypto exchanges in the world. The company was first launched in 2012 to allow bitcoin transactions.
The firm has joined 16 other crypto players in the Crypto Market Integrity Coalition (CMIC) group, which aims to make the overall crypto market a safer place to conduct business.
In November, the platform began testing a subscription service that allows customers to trade on it without having to pay a transaction fee for each trade.
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