Coinbase Inc COIN, a U.S.-based cryptocurrency exchange, has streamlined the process of sending cryptocurrencies like Bitcoin BTC/USD and Ethereum ETH/USD by introducing a service that leverages the most common forms of digital communication.
What Happened: This new service seamlessly integrates into platforms such as WhatsApp, Telegram, TikTok, and a host of social media and messaging apps, making it straightforward for users to transfer cryptocurrencies across the globe.
As an example, if a Coinbase user sitting at a café wants to send Ethereum urgently to a friend who also uses the cryptocurrency platform, they can do so now through the service. In the past, this might have required a series of complex steps: logging into an exchange and waiting for confirmations.
With Coinbase’s latest feature, a user can simply send a link through WhatsApp directly to their friend. The link directs them to the Coinbase Wallet app, where they can instantly receive the cryptocurrency.
When the recipient taps on the link the user sends, it will either open their existing Coinbase Wallet to claim the funds, or prompt them to download the Coinbase Wallet app from the iOS or Android app store. If the funds remain unclaimed after a period of two weeks, they will be automatically sent back to the original sender.
“We’ve 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,” the company said in a blog post.
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Why It Matters: Bitcoin, has seen its value climb over $44,000, surging over 25% in the past month.
Meanwhile, Coinbase has seen its stock value fare positively over the current year. According to data from Benzinga Pro, Coinbase’s stock has surged almost 290% this year. On Tuesday, the shares were down 0.63%, reaching a trading price of $140.20.
Photo by rafapress on Shutterstock
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