Recipients need to download a Coinbase Wallet to receive the funds, but the crypto exchange says they’ve simplified the process for less tech-savvy users.
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A new feature from Coinbase Wallet allows for the transfer of crypto through a link that can be sent through some of the most popular social media sites and messaging apps as the crypto exchange looks to make its service accessible to a wider market.
“Users can now send money on any platform that they can share a link,” Coinbase said in a Dec. 5 blog post, naming apps like iMessage, Telegram, WhatsApp, Facebook, Instagram, and TikTok.
There’s no payment fee when sending USD Coin (USDC), a U.S. dollar stablecoin Coinbase launched in 2018.
Send money anywhere you can send a link.
Easily. Instantly. For free.
⤷ https://t.co/CKyLu1wYEw pic.twitter.com/XX9YaZZEPm
— Coinbase Wallet ️ (@CoinbaseWallet) December 5, 2023
Clicking the link will take the recipient to their device’s app store to download Coinbase Wallet — if not already downloaded — where they can create a wallet in one click, Coinbase noted.
If the funds aren’t claimed within two weeks, they will be returned to the sender.
Coinbase also made a “simple mode” for its wallet to help new and less savvy tech users which only shows basic functions like buying, sending, receiving and viewing assets.
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Coinbase says the new feature aims to solve complexities with international bank wire transfers, which it claims often come with hefty fees and paperwork and can take up to five business days for the funds to arrive.
Coinbase’s (COIN) share price has increased over 300% so far in 2023 to $140, but is still down 59% from its all-time high of $343 on Nov. 12, 2021, according to Google Finance.
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