Coinbase Dives Deeper Into Web3: Launches Coinbase Pay

The San Francisco-based crypto exchange – Coinbase – announced that users can now take advantage of the new feature to fund their non-custodial Coinbase Wallet easier than before.

The Newest Product

As part of its mission to make cryptocurrency products accessible to the broad public, Coinbase introduced Coinbase Pay. The company explained that the solution is an extension of its existing digital asset wallet that allows users to interact with Web3 applications. Coinbase Pay also provides access to the NFT universe:

“Kickstart your NFT collection, earn yield through DeFi lending protocols, and grow your crypto portfolio with hundreds of thousands of tokens supported via decentralized exchanges (DEXes).”

The trading venue argued that previous wallets were complicated for inexperienced users, who had to go through multiple steps and switch between different apps.

“Coinbase eliminates these steps and makes it easy and intuitive for anyone to participate in DeFi or purchase NFTs, in just a few clicks,” the organization highlighted.

To use the product, new customers of Coinbase Wallet first need to link their self-custody wallet to their Coinbase account.

“We are continuing to build new features into Coinbase Wallet to make it the most user-friendly and accessible self-custody wallet in the world, making it easier for more users to enter the world of Web3. We will also continue to expand Coinbase Pay to bring the benefits of seamless fiat onramp to the crypto ecosystem,” the exchange concluded.

Coinbase to Launch its NFT Marketplace

Earlier this week, the company announced it will “soon” introduce its NFT marketplace, adding that hundreds of creators displayed enthusiasm towards joining the project.

Coinbase asserted that its focus will be the “social function,” which will aim to improve the interaction between artists and users.

Prior to that, the exchange collaborated with Mastercard to promote NFT growth and adoption. The firm raised hopes that the initiative will unlock new opportunities for customers to purchase digital collectibles using their Mastercard cards in the near future:

“Thanks to our work with Mastercard, we’ll be able to provide a better customer experience on Coinbase NFT, and plan on working to find ways to bring this opportunity to the broader ecosystem through Mastercard’s scale and global network.”