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Coinbase introduces a new service that will allow money transfers through links sent to popular messaging apps, including Telegram, WhatsApp, and TikTok. The crypto exchange platform’s wallet offers new ways for users to send money quickly and easily.
Coinbase Global also wants to make money transfers cheaper to customers; thus, it will allow them to carry out transactions through messaging apps. Users need a link to send money to anyone.
How to Receive Funds
According to CoinTelegraph, recipients must download the Coinbase Wallet to receive the funds. Coinbase also simplified the process so less tech-savvy users can try the service without much hassles.
For transferring the crypto or other funds, a link must be sent to the recipient’s instant messaging app, including emails. Once the link is sent, users will be redirected to the Coinbase Wallet. If the customer does not have the wallet yet, they will be redirected to the app store, where he can download it.
The best thing about this service is that there is no fee when sending USD Coin (USDC). Moreover, funds are returned to the sender if they are not claimed within two weeks after the transfer.
Goal for the New Crypto Wallet Service
Coinbase aims for the new feature to make its service accessible to a broader market. The new crypto-transfer service also wants to resolve the complexities of international bank wire transfers, which often entail high fees. The time involved in these transfers can also take up to five business days, but with Coinbase Wallet, the period for transfer is shortened.
Lastly, The Block reported that Coinbase Wallet is available in over 170 countries, so money transfers via links sent to messaging apps can become the preferred method for sending and receiving funds.
“We have made it easy to send money anywhere you can share a link, whether it’s through messaging apps like WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email,” Coinbase said in a blog post. “When your recipient clicks the shared link, it will take them into the Coinbase Wallet app to claim or direct them to download the Coinbase Wallet app on iOS or Android and create a new wallet in just one click. It is that simple.”
