U.S.-based cryptocurrency exchange Coinbase has unveiled a new feature allowing customers to send money to each other through popular communication platforms, eliminating transfer fees.
In a blog post, the company stated, “We’ve made it easy to send money anywhere you can share a link, whether it’s through messaging apps like WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email.”
The service is available worldwide, enabling users to send money to recipients in different countries. The settlement of transfers is not only international but also instant and free of charge.
However, both the sender and the receiver must possess Coinbase Wallet for the transaction to take place. If a recipient lacks the wallet, they will be directed to download it from the Apple or Android app stores.
Coinbase aims to increase the utility of its digital wallet and attract new users by simplifying international money transfers. The company emphasises that traditional methods involving bank wire transfers often come with hefty fees, paperwork, and delays of up to five business days. The new feature enables users to send or claim funds globally instantly without transfer fees by sharing a link through various communication channels.
Coinbase Wallet has introduced a feature allowing users to transfer cryptocurrency through links shared on various social media sites and messaging apps. The blog post on December 5 mentions, “Users can now send money on any platform that they can share a link,” citing examples like iMessage, Telegram, WhatsApp, Facebook, Instagram, and TikTok.
The new service enables the sending and receiving of USD Coin (USDC) without any payment fees. Clicking the shared link directs recipients to their device’s app store to download Coinbase Wallet if not already installed. Additionally, Coinbase implemented a “simple mode” to assist less tech-savvy users by displaying basic functions like buying, sending, receiving, and viewing assets.