Coinbase announced a new service called “Coinbase Pay” on Wednesday, which allows users to fund their Coinbase Wallets directly through a Chrome browser extension. According to the company’s team, Coinbase Pay aims to make it simple for anybody to engage in decentralised finance, or DeFi, trade tokens on decentralised exchanges, or DEXs, and buy nonfungible tokens, or NFTs, with just a few clicks.
With Coinbase Pay, all one has to do is go to Chrome, select the currency to add to their wallet, enter the amount, and confirm the transaction. As Coinbase’s staff noted, “No more hopping between applications, copy-pasting addresses, or manually transferring funds.”
According to the business, Coinbase Wallet does not require a Coinbase.com account. Before using Coinbase Pay as a fiat-to-crypto on-ramp service, users must first link their self-custody wallet to their Coinbase account. Despite the fact that the extension comes from a centralised exchange, the user’s private keys are saved within the extension, not by Coinbase.
The Coinbase wallet added support for the Ledger hardware wallet last month. By the end of last year, the exchange had expanded to own 12% of all cryptocurrency across more than 150 asset classes. Furthermore, the organisation plans to create its own NFT marketplace. The Coinbase NFT waitlist now has 3.86 million email addresses on it at the time of publication.