- Coinbase Wallet now allows users to send crypto funds through links on messaging and social media platforms, aiming to simplify transfers and expand adoption.
- Users can share a link to send crypto; the recipient clicks to download Coinbase Wallet if needed, and can receive funds instantly for free. Unclaimed funds are returned in 2 weeks.
- This provides a faster, cheaper alternative to wire transfers for global crypto payments. Coinbase hopes integrating into messaging apps will accelerate mainstream adoption.
Coinbase Wallet has introduced a new feature that allows users to send cryptocurrency funds through links shared on popular messaging platforms. This aims to simplify crypto transfers and expand adoption to less tech-savvy audiences.
How It Works
Users can now share a link to send crypto funds on any platform that supports sharing links. This includes messaging apps like WhatsApp, Telegram, and iMessage as well as social media sites like Facebook, Instagram, and TikTok.
The recipient simply clicks the link to download Coinbase Wallet if they don’t already have it installed. They can then create a wallet in one click to receive the funds. There are no fees for sending USD Coin (USDC) through these links.
If the recipient doesn’t claim the funds within two weeks, they are returned to the sender automatically.
Simplifying the User Experience
To make the wallet more beginner-friendly, Coinbase has introduced a “Simple Mode” that only displays basic functions like buying, sending, receiving, and viewing assets.
This aims to provide an easy onboarding experience for new crypto users who may find the full wallet interface overwhelming initially.
The Motivation Behind Social Link Transfers
According to Coinbase, this new feature provides a faster and cheaper alternative compared to traditional international wire transfers.
Wire transfers often come with high fees, and paperwork, and can take up to 5 days for the funds to be received. Social link transfers provide an instant way to send crypto globally for free.
The company hopes this will accelerate mainstream adoption as more people start using crypto for payments and remittances through messaging apps.
By integrating crypto transfers directly into popular social and messaging apps, Coinbase has made sending funds more accessible to mainstream audiences. This has the potential to significantly boost adoption of cryptocurrencies as a payment mechanism around the world.