Coinbase Introduces Crypto Purchases with Fiat in its Wallet

Coinbase Introduces Crypto Purchases with Fiat in its Wallet

Coinbase recently decided to add support for crypto purchases within its Coinbase Wallet. The move comes due to the overly-complicated and lengthy process of buying and transferring coins manually. Now, the exchange expects that the process of onboarding will be improved and attractive to users.

Leading US cryptocurrency exchange, Coinbase, has just announced several new features that will allow users to buy digital coins in its wallets with fiat currencies, directly. All that users need to do is link their debit card, and they will be able to start buying coins without going to the exchange itself.

 

Coinbase now allows users to buy crypto within its wallet

 

From what is known, it appears that Coinbase Wallet will introduce this feature gradually. What that means is that, initially, only Android devices in the US will have this feature. Support for iOS devices, as well as support for other regions, will come after that.

However, the introduction of new features will be highly beneficial for Coinbase Wallet users. As mentioned, they will no longer have to go to the exchange to make crypto purchases, which will bring an increase in value to its users.

 

Coinbase anticipates that this will be particularly beneficial for new crypto users, who might not be accustomed to the crypto industry as of yet.

Benefits of in-app purchases

 

Coinbase’s new move comes because the old way of buying coins — purchasing them from exchanges only to transfer them to the wallet manually — was overly-complex and time-consuming. Not only that, but users still needed to pay fees to have their funds moved to the wallet.

 

Now, with the ability to buy crypto from the wallet directly, users will have an all-in-one solution, which will help them save time and money alike.

 

The old system made the onboarding experience overly complicated and lengthy, and it reduced the excitement that crypto users felt when joining the industry. Coinbase noted that “With today’s launch, whether you want to start using a dApp, send crypto to friends, or just store your own crypto, getting started with Wallet is much easier.”

 

The exchange also added that dApp developers will benefit from this, as well, as this will be the same-day delivery business model. Furthermore, support for DeFi protocols was also added earlier in 2020.

 

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