Short Message | Coinbase Pay is now live, supporting fiat deposits to crypto wallets
Since releasing the Coinbase Wallet browser extension to compete with MetaMask last May, Coinbase has announced the launch of "Coinbase Pay," which aims to streamline the deposit process for cryptocurrency wallets, supporting credit card and bank account fiat deposits.
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Coinbase Pay
For newcomers exploring DeFi and NFTs for the first time, depositing into crypto wallets like Coinbase Wallet and MetaMask can be a cumbersome process, involving registration on exchanges, KYC, linking bank accounts, purchasing coins, checking deposit and withdrawal addresses, and token transfers.
Coinbase Pay addresses these pain points, as announced, users only need to select the cryptocurrency, amount, and confirm the transaction. Currently available to Coinbase users in the United States and Canada, payments can be made using debit cards and bank transfers, with plans to support more payment options globally in the future.
However, when users download Coinbase Wallet for the first time, they need to log in with their Coinbase account to use Coinbase Pay. This means that the service requires KYC verification, and compared to MetaMask, Coinbase Wallet may have the ability to provide regulatory authorities with a significant amount of user transaction data in the future.
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