US-based cryptocurrency exchange Coinbase recently announced a new feature for its wallet users. The feature will allow them to buy cryptocurrencies directly in-app using fiat balances on a debit card.
In-app crypto purchases
Cryptocurrency exchange Coinbase’s wallet users can now buy cryptocurrencies in-app using fiat money. The feature will not be available to all wallet customers in the beginning. It will first be available to Android users located within in the US and get iOS support later. The service will expand in other regions at a later date.
The firm hopes that providing an in-app crypto buying facility will provide more value to the users, especially to new entrants in the space who are unfamiliar with the crypto world. Usually, clients have to buy cryptocurrencies at the exchange and then manually transfer them to a wallet which is a time-consuming task. This also makes users pay a higher fee to move their funds between two accounts.
The exchange noted,
“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 dApps, send crypto to friends, or just store your own crypto, getting started with Wallet is much easier.”
With the new feature enabled, users can get access to simplified buying and storing solutions and get enhanced value from their wallet applications.
Coinbase Wallet adds new features
Coinbase also said that dApps developers will be benefited from the same-day delivery business model. It has already integrated support for Decentralized Finance (DeFI) protocols on the Wallet app. The Wallet allows users to earn interest on their crypto holdings via the DeFi apps. The one-click buying of assets within the wallet will increase ease-of-use for users who seek entry into DeFi protocols.
Existing users of the Coinbase exchange can link their Wallet accounts to get the feature. However, it will be optional. So, users not interested in in-app buying don’t need to activate it. All wallet features will remain available to Coinbase.com accounts even if they are not linked.