Coinbase Wallet has added new features that aim to simplify and expedite money transfers globally.
The updates allow Coinbase Wallet users to send money through any platform that supports link sharing, including popular messaging apps, social media apps and email, Coinbase said in a Tuesday (Dec. 5) blog post.
Traditionally, international money transfers involve dealing with complex routing numbers, bank account numbers, expensive wire transfers and waiting for several business days for the funds to become available, according to the post.
Coinbase Wallet seeks to revolutionize this process by enabling users to send money instantly and without any fees through a shared link on their preferred messaging and social apps, the post said.
By creating a link and sharing it, Coinbase Wallet users can send money to family or friends in another country, per the post. Recipients can claim the funds through the Coinbase Wallet app or download the app and create a new wallet with a single click. If the funds are not claimed within two weeks, they will be automatically returned to the sender.
Coinbase Wallet’s global accessibility is one of its key advantages, the post said. Available in 20 languages and over 170 countries, the wallet ensures that money can be claimed anytime, anywhere in the world.
With another new feature, Coinbase Wallet supports local fiat on-ramps in more than 130 countries, allowing individuals to purchase digital assets using leading payment methods specific to their region, according to the post. This feature enables people from various countries to easily enter the cryptoeconomy and access stable currencies.
In addition, Coinbase Wallet is introducing an optional “simple mode” that focuses on essential functions such as buying, sending, receiving and storing digital assets, the post said. This mode is designed to cater to beginners and reduce complexity, streamlining the overall payments experience.
Crypto creates a level playing field with robust and transparent systems, lower fees, faster transactions, and greater control over digital assets and transparency, Coinbase Co-Founder and CEO Brian Armstrong said Nov. 2 during the company’s quarterly earnings call.
Comparing the impact of blockchain and crypto to that of the internet, Armstrong said they are redefining communication, business and social interaction.