Amidst the staggering news roaming around in the cryptocurrency space, Coinbase has gained a massive user base due to its robust and secure crypto wallet and exchange platform. It offers several benefits to crypto enthusiasts, grabbing their attention towards its extraordinary services.
The crypto exchange platform strives to present its users with several top-notch and convenient updates to bring ease to the cryptocurrency game. In its latest update, Coinbase Wallet has rolled out a new feature allowing users to send crypto via social media apps, email, and text messages. This feature will transform the way you can send or receive money on the platform.
If you are a Coinbase Wallet user, you are in good hands. Sending money to anyone around the globe has never been too easy as of now, thanks to the new feature that will allow you to send crypto via social media apps with zero fees and an instant transfer facility. The platform will provide you with a link to be shared on any popular social media platform, including WhatsApp, Messenger, iMessage, or direct text.
Coinbase Wallet – A Trustworthy Crypto Storing Toolkit
Similar to real-world currency storage, you must have storage for your digital assets, including cryptocurrency, Non-Fungible Tokens (NFTs), digital tokens, and more. With several types of decentralised wallets, such as cold and hot wallets, you can choose between various options that suit your requirements best.
Coinbase is a cryptocurrency exchange platform offering numerous services, from trading to investing in crypto to storing your digital assets. Trading on Coinbase costs a fee ranging from 0.5 to 4.5 per cent as per the extent of trading transactions. When it comes to Coinbase Wallet, it stands tall among the competitors for its excellent performance and safety measures.
With industry-leading security on the platform, Coinbase Wallet hands over the control of your crypto. It operates on a self-custody model in which users have complete authority over their assets stored in the wallet. Furthermore, Coinbase Wallet supports most tokens and Decentralised Apps (dApps), enabling you to trade and store crypto on the go with your phone or laptop device.
Related: How Coinbase Anticipates IRS Impact on the Crypto Industry
Send Crypto via Social Media Apps from Coinbase Wallet
Sending funds across the border is a hectic task, consuming a big chunk of time due to the settlement duration of conventional banks. Since cryptocurrency and blockchain are revolutionary innovations in transforming and improving the conventional banking system, Coinbase adds flair to the sauce with its latest updates.
Among several updates, Coinbase unravelled a facility allowing crypto enthusiasts to send crypto via social media apps from the comfort of their couch. Initially, the wallet will support the transfer of a stablecoin USD Coin (USDC), as Coinbase owns a massive chunk of shares in the said crypto. Users can send this crypto token for free, while other crypto may cost a network fee.
In essence, popular social media apps, including Facebook, Snapchat, Instagram, and so on, alongside messaging platforms, such as WhatsApp, Telegram, iMessage, Gmail, and more, can be used as a medium to send a text to your loved ones or friends.
Perks of Coinbase Wallet’s Facile Funds Transfer
This update will improve Coinbase and extend its functionality to further services. You can create a link to a set amount of funds that can be used to send crypto via social media apps. After you share the link with the desired person, it comes with a limited time frame of two weeks.
Upon the opening of the link, Coinbase will redirect the recipient to its platform, enabling them to redeem the received crypto or USDC instantly and fee-free. If the recipient has no Coinbase account, they can create a quick account with a single click to cash out the gift.
Though it is a simplified process, it presents users with some benefits. Let’s have a quick look at them.
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1. Send Crypto via Social Media Apps Effortlessly
Social media make up the longest screen time of almost every individual, especially young users. As per statistics, the global daily average for social media use is about 151 minutes a day. Therefore, targeting social media for funds transfers will facilitate users and Coinbase itself.
It supports many social media sites in around 170 countries, covering over 20 languages. Thus, users of any country or language can enjoy the fruits of instant and simplified ways to send crypto via social media apps.
2. A Streamline Funds Transfer Experience
Cryptocurrency has gone through a lot during the past few years, ranging from scams to hacks and fraud from crypto giants. The need for clear crypto policies has never been so important as it is now, according to the CEO of Ripple. Click here to read more about his views.
Coinbase considers this fact, bringing improvements to its system. With an update to simplify matters for tech-savvy and beginner users, Coinbase rolled out an optional simple mode to untangle crypto trading and exchange for people new to cryptocurrency.
3. Globalised Crypto Access
Coinbase supports the globalisation of cryptocurrency tokens by lowering the transaction fees and streamlining buying crypto tokens globally. Fiat on-ramp is one of the Coinbase services allowing users to exchange the two currencies in between.
Coinbase Wallet offers this service in over 130 countries, with Pix in Brazil, GCash in the Philippines, and so on. This feature guarantees effortless access to cryptocurrency in highly inflated areas of the world.
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Send Crypto via Social Media Apps Is a Game-Changer
Coinbase aims to improve the cryptocurrency phenomenon for everyone, regardless of their language and country. With its recent update allowing users to send crypto via social media apps and messaging platforms, Coinbase Wallet will gain immense profits and rank up in the stock market.
The instant and zero fees model apply to USDC, and Coinbase will improve its business with this update. Furthermore, the shared crypto link will need the receiver to create an account on the Coinbase platform, contributing to strengthening the crypto wallet and exchange platform.
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