Sending Crypto with a Note: Coinbase’s Wallet Gets Personal

Coinbase's Wallet Introduces a New Way to Send Crypto with a Note

Coinbase (COIN) has upgraded its decentralized wallet, introducing a low-cost mechanism for users to rapidly send money to each other via messaging applications as it aims to boost cryptocurrency usage by adding services that appear to mimic payments giant Paypal.

According to the company's blog, the new functionality allows consumers to send connections to other Coinbase wallet owners in 170 countries using applications like iMessage, Telegram, WhatsApp, and social media platforms like Facebook, Snapchat, TikTok, Instagram, or simply email, allowing them to give or receive dollars.

The improvement causes users to focus more on using cryptocurrencies as a payment method than as investment vehicles, which could lead to a rise in the number of people using cryptocurrencies. This is especially true for people who want to transfer money internationally without paying bank fees, delays, or other related expenses. Coinbase isn't the only one. The @wallet bot on Telegram introduced USDT earlier this year, allowing users to swap the world's largest stablecoin by market value via chat.

After a turbulent year for the Nasdaq-listed crypto exchange, fueled by the crypto winter and a suffering US economy, the company's stock price has surged over 300% year to date as the crypto market recovers.

The new feature comes at a time when many other organizations, particularly large players in the traditional financial industry, are attempting to get exposure to the crypto economy. The Securities and Exchange Commission (SEC) is likely to accept or refuse spot-bitcoin exchange-traded funds (ETFs) from a variety of applicants, including BlackRock, Fidelity, Franklin, and others, in roughly a month.