- Coinbase will allow users to send money globally via popular messaging apps like WhatsApp, iMessage, and Telegram.
- The transactions are instant and free, breaking down geographical barriers.
- To facilitate these transfers, both the sender and receiver need the Coinbase Wallet.
Cryptocurrency exchange giant Coinbase yesterday rolled out a groundbreaking service, allowing users to send money globally through well-known messaging and social media platforms.
The move aims to provide greater utility to its digital wallet and attract new users amidst a thriving crypto market.
Global money transfers using messaging apps
Coinbase now enables customers to send money globally through widely used messaging apps such as WhatsApp, iMessage, and Telegram. This move allows for seamless transactions, breaking down geographical barriers.
Users can send money to recipients in different countries, and the settlement of transfers is both instant and free of charge.
Coinbase emphasizes the simplicity of the process, stating that all that’s needed is the Coinbase Wallet, which is available for download on both Apple and Android app stores. If the receiver lacks the Coinbase Wallet, they will be prompted to download it, ensuring a smooth experience for both parties involved.
Coinbase’s growth amidst crypto boom
The introduction of this new service aligns with Coinbase’s efforts to make cryptocurrency transactions more accessible and attractive. As cryptocurrency prices, especially Bitcoin, surge, Coinbase’s share price has reflected this positive momentum, witnessing a remarkable 290% increase this year. The company’s shares, currently trading above $141, showcase its resilience and growth.
Coinbase’s success is also attributed to a reduced regulatory burden, with fewer battles against entities like the Securities and Exchange Commission. Additionally, traditional finance players like BlackRock express interest in a spot Bitcoin ETF, signalling the growing institutional acceptance of cryptocurrencies.
This strategic move positions Coinbase as a key player in the evolving landscape of digital finance, providing users with a convenient and efficient means of transferring money globally through familiar communication channels.