Cryptocurrency exchange, Coinbase has revealed interesting new features that would allow its wallet users to purchase Bitcoin and other cryptocurrencies directly in-app using a debit card.
Initially, not all Coinbase Wallet users will be able to access this feature. The ability to buy cryptocurrencies from inside their app will be first rolled out to Android devices in the US, with IOS support and expanding the service elsewhere is expected to follow in the near future.
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By eliminating the need to navigate a cryptocurrency exchange to fund payments, the company anticipates increased value to users, especially for new users unfamiliar with the space.
In practice, buying cryptocurrencies from an exchange and then transferring it over manually to users’ Wallet apps is time-consuming and clunk. Moreover, users need to pay a high fee to move funds from the exchange to their wallet again. Having an all-in-one solution makes a lot more sense for Coinbase users and gives the wallet much more than storing value.
More Support for DeFi Apps
“This created a lengthy and complicated onboarding experience for new Wallet users who are excited to get started with the open financial system. With today’s launch, whether you want to start using a dapp, send crypto to friends, or just store your own crypto, getting started with Wallet is much easier,” the exchange said.
Coinbase added that dapp developers will benefit from this same-day delivery business model. The exchange has integrated support for decentralized finance (DeFi) protocols on its wallet app earlier this year. Coinbase Wallet already allows users to earn interest on cryptocurrencies through the DeFi apps, Compound, and dYdX. However, the exchange asserts that the new one-click buying and selling from its wallet significantly increases the ease-of-use for users seeking to access DeFi protocols.
“Existing Coinbase.com customers can also link to their Wallet accounts, and the feature is completely optional. All Wallet features will remain available to users even without linked Coinbase.com accounts,” the exchange further explains.