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Coinbase takes on Web3 with Coinbase Pay!

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In addition, transfers of cryptocurrencies to or from the wallet are carried out on the blockchain (on-chain). The wallet allows the storage of 4000 thousand different crypto-currencies and NFTs.

For a few months, the Coinbase wallet has been available as an extension of the Chrome browser. The wallet in its mobile app version, synchronizes with this new extension. This is the gateway to the web3. Exchange users can access decentralized exchanges like Uniswap. Generally speaking, the Coinbase wallet extension works with all Ethereum blockchain applications.


Coinbase Pay For Exchange-To-Wallet Transfers

Coinbase Pay the new product of the cryptocurrency platform of the same name. Released this week, it will allow simplified and secure exchanges between the exchange and the wallet

Without Coinbase Pay, to add cryptocurrencies to their Wallet, users must follow a traditional transfer process. It requires a connection to the exchange, a copy-paste of the wallet address and a back and forth between the exchange and the wallet.

This way of proceeding within the same environment, where transfers are frequent, appears to be tedious. Since then, it makes the user vulnerable to errors, some of which are irreversible. For example, if cryptocurrencies are unintentionally sent to the wrong wallet address, they remain unrecoverable.

With Coinbase Pay, users will be able to fund their wallet through the “Add Crypto” feature. No need to switch from one application to another or manually manipulate the wallet address. The exchange claims to make the process “faster, easier and more secure than ever”. In addition, with Coinbase Pay, users in the United States / Canada zone can also directly fund their wallet with their credit card and transfers from their bank account.

The prerequisite for using Coinbase Pay is to remember to link your wallet to your account on the exchange. 


WEB3 According To Coinbase


In December 2021, Surojit Chatterjee, Chief Product Officer, released 10 predictions for 2022 published on the Coinbase blog. One in particular announces the imminent end of centralized networks like facebook and twitter. Coinbase believes in the birth of a new form of social networking related to NFTs. Indeed, Surojit Chatterjee believes that our perception and use of NFTs are changing. And he predicts that users will group together in decentralized communities based on their collection of NFTs. This is the basis for the future of social networks.

Prediction or incentive? The platform has been preparing for several months now the launch of its NFTs platform, and has indicated that it will include a “social function”. Since the announcement made in October, little information has leaked out. The opening date of the platform remains unknown to the public. However, 2.5 million users have already pre-registered and are waiting…

Coinbase Pay by facilitating the supply of cryptocurrency to the wallet from the exchange, will therefore facilitate the operation of Coinbase NFT.

Thus Coinbase Pay will propel exchange users towards a new decentralized social network, the cornerstone of Web3. The idea of ​​Web3 is to build a decentralized version of the web where users take over ownership of their data. Web3 aims to fight against the overpowered GAFAM. Remember, however, that Coinbase made a resounding IPO a year ago. And by reaching a valuation of 86 billion, it exceeded the record held since 2012 by Facebook.

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