Coinbase Introduces New Features For Global Remittances
December 06 2023 - 8:00AM
NEWSBTC
Coinbase, an American-based cryptocurrency exchange, has revealed
its latest wallet features for transferring money internationally
without going through the traditional hurdles. Significance Of
Coinbase New Transfer Features On Tuesday, Coinbase announced its
latest feature for its wallet to simplify and hasten global money
transfers. The new feature is presented as a user-friendly
procedure. According to the crypto firm, the new initiative is
described as “Send money with a link.” Within the Coinbase Wallet,
users can generate a link to distribute via their favorite social
media platforms. Related Reading: Coinbase (COIN) Up By 250% –
Here’s Why It’s Outperforming BTC And ETH However, the exchange
noted that the wallet must be owned by both the receiver and the
sender of the money. Furthermore, users who do not have the wallet,
when emailed a link, will be prompted to download it from Apple or
Android app stores. The crypto company further asserted the safety
of the new initiative. Coinbase noted that failure to retrieve sent
funds within weeks will automatically send the money back to the
sender. The company stated: When your recipient clicks the shared
link, it’ll 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 1-click. It’s that simple. And if
the funds are not claimed within 2 weeks, they will automatically
be returned to the sender. Coinbase has highlighted several
situations where this new feature is “very efficient and helpful.”
These include paying off debts with friends, giving last-minute
gifts, and tipping tour guides and other service providers.
In addition, the feature sparks a swift money-sending procedure.
This eliminates downloading different apps or sorting through many
usernames and profiles. Furthermore, the crypto firm asserted that
the new feature is vital for people in high-inflation economies.
Latest Feature To Eliminate Payment Irregularities The procedure
eliminates the expenses and complications of using traditional
methods to send money globally. Traditionally, sending money
globally has required sifting through a complex web of bank account
and routing details. Related Reading: Coinbase Holds $25
Billion Worth Of Bitcoin, Becomes Largest Holder With 1M BTC In
addition, these transactions take longer to process, mostly up to
five working days. However, the Coinbase wallet boasts
instantaneous settlement and zero-fee transactions. Coinbase wallet
is supported by over 170 countries worldwide and is available in 20
languages. This guarantees the ability to send and receive money
virtually anywhere. Furthermore, it currently supports local fiat
onramps from more than 130 countries. These include top payment
processors like Pix in Brazil, Instant P2P Bank in Nigeria, and
GCash in the Philippines. Featured image by Shutterstock, chart by
Tradingview.com
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