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Coinbase introduces Coinbase Pay to make loading crypto wallet easy and safer

Coinbase, a popular cryptocurrency exchange, has introduced a new feature, Coinbase Pay, that will let you easily load your wallet with cryptos.

Getting crypto into a wallet used to be a chore and prone to error, which could be financially catastrophic. However, with its new feature known as Coinbase Pay, the Coinbase crypto exchange hopes to kill two birds with a stone by simplifying the process and eliminating the potential for making mistakes.

Using the Coinbase Wallet extension on Google Chrome, you can access Coinbase Pay, although you will have to connect your wallet to your Coinbase account if you are doing it for the first time.

To load your wallet, select the “Add crypto with Coinbase Pay” option, after which you will be prompted to choose the cryptocurrency you want to add, type in the amount, and conclude the transaction. After those simple steps, the wallet becomes funded.

This is far better than how Coinbase users had to load their wallets, which involved logging into their Coinbase account on the website, buying the crypto, after which they entered the address of the wallet the crypto was going.

Users can now avoid making mistakes with the address which would cause the crypto to land in another users’ wallet.

Coinbase aims to demystify cryptos and NFTs so that more people can participate. To achieve this, Coinbase started allowing users to pay for NFTs using their Mastercards this year.

However, other companies are also trying to attract new users, like 1Password, a password managing app, which allows users to easily store their wallet info.

Here is an excerpt from Coinbase blog announcing Coinbase Pay:

“Before Coinbase Pay, users who wanted to add funds to their Coinbase Wallet from the browser extension needed to navigate to Coinbase.com, sign in to their account, copy-paste their wallet address, and manually transfer funds from their Coinbase account.

“The process was not only cumbersome, but also left the user vulnerable to user error. For example, if funds were accidentally sent to the wrong wallet address, they would be irretrievable.

“Coinbase Pay makes the process faster, easier, and more secure than ever before. All you need to do is select “Add crypto with Coinbase Pay” when you want to add crypto to your Coinbase Wallet extension.

“Next, you simply select the currency you want to add to your wallet, specify the amount, confirm the transaction–and that’s it. No more switching between apps, copy-pasting addresses, and manually transferring funds.

“Coinbase users based in the US and Canada can currently use their debit cards and bank accounts for transfers, with more payment options enabled globally soon.

“First-time users of Coinbase Wallet will need to link their self-custody wallet to their Coinbase account before being able to use Coinbase Pay.”

Coinbase says it will continue to add features that will make Coinbase Wallet “the most user-friendly and accessible self-custody wallet in the world, making it easier for more users to enter the world of web3.”

Written by HackerVibes

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