Coinbase Wallet, a mobile application from crypto exchange Coinbase that facilitates buying, selling and storing crypto, has released a new feature which aims to help users “send money as easily as a text.”
In a Dec. 5 blog post, the team behind Coinbase Wallet unveiled the new feature which will let users send funds through any platform that they already use to share links. These include popular messaging apps like WhatsApp, Telegram, Facebook, TikTok and Instagram.
Send money anywhere you can send a link.
Easily. Instantly. For free.
— Coinbase Wallet 🛡️📞 (@CoinbaseWallet) December 5, 2023
When a recipient clicks on the link, it will direct them to the Coinbase Wallet app to claim the funds, and if they don’t have an existing account, they will be able to create a new wallet on the app with one click. If the funds aren’t claimed within two weeks, they will be automatically returned to the user that sent them.
“We’ll continue to expand global access by providing options to buy digital assets in as many countries as possible,” said the Coinbase Wallet product team. “This is especially important for people in high-inflation economies with limited access to the global financial system and more stable currencies such as the US Dollar.”
Transfers made in the Circle-issued dollar-pegged stablecoin USDC will not be subject to payment fees. In November, Coinbase reported that $172 million of its $674 million in Q3 revenue came from interest income earned on its USDC reserves.
The Nasdaq-listed crypto exchange’s stock price is also up more than 300% year-to-date, closing at a price of $140.20 on Tuesday. Much of the price action has come in the last month alone, which has seen an influx of new investors in Bitcoin amid the hype around a potential spot BTC ETF approval to come in January.