On Wednesday, Coinbase launched a new feature called “Coinbase Pay” that lets customers finance their Coinbase wallets directly from a Chrome browser extension. According to its employees, Coinbase Pay intends to make it intuitive for everyone to participate in decentralized finance or DeFi, exchange tokens on decentralized exchanges or DEXs, and buy non-fungible tokens or NFTs with just a few clicks. In particular, they wrote:
Before Coinbase Pay, users who wanted to add money to their Coinbase wallet from a browser extension had to go to Coinbase.com, log in to their account, copy and paste their wallet address, and transfer money manually from their Coinbase account. The process was not cumbersome. Not only did it make the user vulnerable to user errors. ”
With Coinbase Pay, you just need to select the currency you want to add to your Chrome wallet, enter the amount and confirm the transaction. “No more switching between apps, copying addresses and manually transferring money,” Coinbase wrote.
According to the company, users do not need a Coinbase.com account to use Coinbase Wallet. However, they must link their self-deposit wallet to their Coinbase account before they can use Coinbase Pay as a crypto-to-currency conversion service. Although it comes from a central exchange, the private keys are stored in the extension by the user and not by Coinbase.
Last month, Coinbase Wallet included support for the Ledger hardware wallet. By the end of last year, the stock exchange had grown to 12% of all cryptocurrencies in more than 150 asset types. The company also plans to launch its own NFT Marketplace. As of press time, there are 3.86 million email addresses registered in the Coinbase NFT queue.