Coinbase Scraps Clunky Process To Add Crypto Funds To Wallet: Here's How The New Feature Works

Cryptocurrency exchange Coinbase Global Inc COIN has launched a new feature that will let users fund their Coinbase Wallets directly from a Google Chrome browser extension.

What Happened: In an announcement on Wednesday, the exchange said the new feature called “Coinbase Pay” would make it easier for customers to add cryptocurrencies to their wallets.

Until recently, users who wanted to fund their self-custody wallets to participate in DeFi or non fungible tokens (NFTs) would need to manually transfer funds from their Coinbase account. That involved signing into a Coinbase.com account and manually entering wallet address details, leaving room for error.

"No more switching between apps, copy-pasting addresses and manually transferring funds," stated Coinbase.

What Else: Coinbase has been testing and rolling out new features over the past few weeks.

Earlier this week, Benzinga reported that the company was testing a new subscription product that would let users trade Bitcoin BTC/USD, Ethereum ETH/USD, Dogecoin DOGE/USD, and other cryptocurrencies with zero trading fees.

Coinbase is also expected to launch an NFT marketplace in the near future. The crypto exchange partnered with payments giant Mastercard Inc MA to ease the checkout process for users on the upcoming NFT platform.

Price Action: Coinbase shares closed 10.61% higher on Wednesday at a price of $172.53 per share.