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Wednesday, January 27, 2021

Coinbase exchange introduces crypto purchases inside its wallet

  • This service aims to streamline the onboarding process for new crypto users.
  • Per Coinbase, the service is only available in the US for the time being.
  • At the moment, the service only supports purchases through debit cards.

Coinbase, a leading crypto exchange has introduced crypto purchases within its wallet. The exchange unveiled this news via a blog post on October 12, noting that this move is part of its wider goal of building an open financial system for the world. The exchange added that this launch also seeks to underpin decentralized application (dApp) ecosystems.

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According to the blog post, this feature will let Coinbase users buy most of the assets listed on Coinbase.com. At the moment, users will only be able to purchase crypto using debit cards linked to their wallets. However, Coinbase unveiled that it is working on adding more payment methods. The publication went on to state that this service is currently available in the US and on Android devices. However, the exchange unveiled that it intends to expand to other countries and iOS devices.

Providing a seamless way to buy crypto

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Through this feature, Coinbase aims to streamline the process of onboarding the crypto sector for new users. Prior to launching this service, new users had to go through the intricacies of buying their first cryptocurrency from an exchange and then transferring the funds manually to their wallets. Coinbase believes that with this feature in place, new users will have a smooth experience whether they want to begin using a dApp, send crypto, or store their crypto.

Per Coinbase, this service is optional, and its existing customers can link it to their wallets. The exchange added that all wallet features will remain available even to users without linked Coinbase.com accounts.

Coinbase further stated that this feature provides dApp creators with an easy way to get their users started with their projects. This is because its wallet is already a gateway accessing dApps and DeFi projects. By adding a simple and secure fiat on-ramp service, Coinbase believes that developers will be better poised to get their projects going as their users will only have to install one application.

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