Coinbase introduces Coinbase Pay to web developers
With the launch of Coinbase Pay, users can easily fund their Coinbase wallets
By Shashank Bhardwaj
Coinbase, the largest cryptocurrency exchange in the US, has released Coinbase Pay–a new way for users to fund their Coinbase wallet through a Chrome browser extension. Before Coinbase Pay, users had to log in to the Coinbase website, purchase crypto, and then input their wallet address to transfer the funds. This new tool avoids the risk of entering your address incorrectly and having it sent to the wrong address as a result.
"Coinbase Pay makes the process faster, easier, and more secure than ever before. All you need to do is select “Add crypto with Coinbase Pay” when you want to add crypto to your Coinbase Wallet extension", reads the company blog.
Bipul Sinha, senior product manager at Coinbase, noted that funding self-custody wallets has been a major challenge. “It is a cumbersome process that involves multiple steps, switching between apps, and manual transfers.”
According to Coinbase's director of product management, Rishi Dean, the web 3.0 functionality on Coinbase's new wallet and browser is powered by multi-party computation (MPC) technology, which allows users to have a dedicated on-chain wallet. This means that even if a user misplaces their device, the key to the dapp wallet is safe, and Coinbase can help with recovery.
The new dapp wallet and browser experience is currently only available to a limited number of Android users in the United States, but the company hopes to roll it out to all users in the coming days. Coinbase has also gone on a roll with new services to keep up with its growing user base. Earlier this month, Coinbase launched its own NFT marketplace, with the NFT ecosystem's waitlist growing to over one million users even before the main launch.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash