Coinbase incorporates transfers via WhatsApp

The cryptocurrency wallet recently added the ability to send money via WhatsApp and Telegram

In an innovative move, Coinbase Wallet introduced a revolutionary feature that allows the transfer of cryptocurrencies using shareable links on various social media platforms and messaging apps. This strategic change seeks to democratize access to cryptocurrency exchange services, bringing them closer to a broader audience.

The company announced the launch of this feature on December 5 through its official blog, highlighting that users can now send funds on any platform that allows link sharing, including iMessage, Telegram, WhatsApp, Facebook, Instagram and TikTok.

Transferring USD Coin (USDC), a stablecoin pegged to the US dollar, carries no payment fees. By clicking on the shared link, the recipient will be redirected to their device’s app store to download Coinbase Wallet, in case they don’t already have it installed. From there, they will be able to create a wallet with a single click, Coinbase explained.

If funds are not claimed within two weeks, they will be automatically returned to the sender, providing an additional level of security and control.

Additionally, Coinbase has implemented a “simple mode” in its wallet, designed especially for users new to or less familiar with blockchain technology. This simplified mode features only the essential functions such as buying, sending, receiving, and viewing digital assets.

The firm says this new feature aims to address the complexities associated with international bank transfers, which often involve high fees, bureaucratic procedures and long lead times of up to five business days.

Despite notable innovation, Coinbase (COIN) stock has seen 300% growth so far in 2023, reaching $140. However, they are still 59% below their all-time high of $343 recorded on November 12, 2021, according to data from Google Finance.

K. Tovar

Source: Coinbase

(Referential image source: PiggyBank, Unsplash)

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