Coinbase, an American-based cryptocurrency exchange, has revealed its latest wallet features for transferring money internationally without going through the traditional hurdles.
Significance Of Coinbase New Transfer Features
On Tuesday, Coinbase announced its latest feature for its wallet to simplify and hasten global money transfers. The new feature is presented as a user-friendly procedure.
According to the crypto firm, the new initiative is described as “Send money with a link.” Within the Coinbase Wallet, users can generate a link to distribute via their favorite social media platforms.
However, the exchange noted that the wallet must be owned by both the receiver and the sender of the money. Furthermore, users who do not have the wallet, when emailed a link, will be prompted to download it from Apple or Android app stores.
The crypto company further asserted the safety of the new initiative. Coinbase noted that failure to retrieve sent funds within weeks will automatically send the money back to the sender. The company stated:
When your recipient clicks the shared link, it’ll take them into the Coinbase Wallet app to claim or direct them to download the Coinbase Wallet app on iOS or Android and create a new wallet in just 1-click. It’s that simple. And if the funds are not claimed within 2 weeks, they will automatically be returned to the sender.
Coinbase has highlighted several situations where this new feature is “very efficient and helpful.” These include paying off debts with friends, giving last-minute gifts, and tipping tour guides and other service providers.
In addition, the feature sparks a swift money-sending procedure. This eliminates downloading different apps or sorting through many usernames and profiles. Furthermore, the crypto firm asserted that the new feature is vital for people in high-inflation economies.
Latest Feature To Eliminate Payment Irregularities
The procedure eliminates the expenses and complications of using traditional methods to send money globally. Traditionally, sending money globally has required sifting through a complex web of bank account and routing details.
In addition, these transactions take longer to process, mostly up to five working days. However, the Coinbase wallet boasts instantaneous settlement and zero-fee transactions.
Coinbase wallet is supported by over 170 countries worldwide and is available in 20 languages. This guarantees the ability to send and receive money virtually anywhere.
Furthermore, it currently supports local fiat onramps from more than 130 countries. These include top payment processors like Pix in Brazil, Instant P2P Bank in Nigeria, and GCash in the Philippines.
Featured image by Shutterstock, chart by Tradingview.com