Coinbase launched a new feature called “Coinbase Pay” on Wednesday, allowing users to fund their Coinbase Wallets directly from a Chrome browser extension. Coinbase Pay intends to make it simple for anyone to participate in decentralized finance, or DeFi, swap tokens on decentralized exchanges, or DEXs, and purchase nonfungible tokens, or NFTs, with just a few clicks, according to its staff. They specifically stated:
“Before Coinbase Pay, users who wanted to add funds to their Coinbase Wallet from the browser extension needed to navigate to 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 cumbersome, but also left the user vulnerable to user error.”
With Coinbase Pay, all that is required is to select the currency to add to one’s Chrome wallet, enter the amount, and confirm the transaction. “There will be no more switching between apps, copy-pasting addresses, or manually transferring funds,” a staff wrote.
Users do not need a Coinbase.com account to use Coinbase Wallet, according to the company. However, before using Coinbase Pay as a fiat-to-crypto on-ramp service, they must link their self-custody wallet to their account. Despite coming from a centralized exchange, the extension’s private keys are stored by the user, not by the platform.
The wallets added support for the Ledger hardware wallet last month. By the end of last year, the exchange had grown to store 13% of all cryptocurrency across more than 150 asset types. In addition, the company intends to launch its own NFT marketplace. At the time of publication, 3.86 million email addresses were listed on the platform’s NFT waitlist.
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