- Coinbase announced the launch of a support service that will allow its users to send crypto funds to wallet usernames as opposed to complex addresses.
- This comes shortly after the crypto exchange was given a go-ahead with Visa to create their own cards to be used in different points of sale across the world.
According to the Feb 26 blog by Coinbase, the crypto exchange’s clients’ will also be able to send digital currencies to Coinbase Wallets by using Ethereum Name Service (ENS) accounts such as [bobscryptowallet.eth]. This new approach to sending funds should help increase adoption. Most users cannot remember a long hexadecimal address,
[0x89136a83664fa0673930be34463e444260775dc or 3GVBSgLLLjAoNRKxw5hm7kANN2P2mEQJy].
This simplifies the transaction. Making it more convenient and easier to transfer funds to a human-readable account. You can see it in action here.
As another way of increasing the use of cryptocurrencies, Coinbase released another new feature that allows sending cryptocurrencies from the Wallet App to another user using a self-selected username. Using the example above, you could create a Coinbase Wallet username [@BobsCryptoWallet].
Last year, the crypto exchange began directly linking its Wallet App, enabling the flow of digital currencies within their ecosystem. In the latest announcement, Coinbase mentioned that users will now be able to rebalance their crypto portfolios with the option of depositing funds back to the crypto exchange wallet.
Coinbase Crypto Cards
The evolution of cards in the crypto sphere was inevitable given their past success with fiat currencies. However, Coinbase has unlocked a new era where a crypto exchange is not dependent on 3rd parties for card services. This milestone had been under progress with Visa’s partnership but was only announced by Coinbase this month.
So far, the debit card supports ten crypto coins with BTC featuring as standard while notable mentions include Basic Attention Token (BAT) and DAI. However, Coinbase will not be extending access to this portfolio in the U.S market.
Given these developments, speculators have said that Coinbase might venture into the business of crypto card provisions to its peer entities. This would make sense as it is much easier for players in this industry to deal with a crypto company as opposed to traditional finance providers.