Coinbase Wallet Enables Sending Crypto Over Social Media Apps

On Dec. 5, Coinbase unveiled changes to its Web3 wallet to make the product more user-friendly and streamlined.

One of the biggest updates was the introduction of the ability to send funds using a text message on popular social media messaging platforms such as WhatsApp and Telegram.

In a company blog post, the firm said that users can now instantly send money to friends and family worldwide for free directly within messaging and social media apps by sharing a link from Coinbase Wallet. 

Send crypto via a link in any app

Try it out https://t.co/zWvaH1mGC7 https://t.co/eaU99tIQg1

— Brian Armstrong 🛡️ (@brian_armstrong) December 5, 2023

Coinbase Link Sharing

Coinbase stated that link sharing could be done with platforms such as WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email.

It explained that when a recipient clicks the shared link, it takes them into the Coinbase Wallet app to claim or directs them to download the Coinbase Wallet app on iOS or Android.

Those without a Coinbase account will not be able to receive funds this way, so the move is a wider effort to expand its customer base. 

If the link is not opened within two weeks, the funds will be automatically returned to the sender. 

Currently, only USDC, which Coinbase has a stake in, can be shared via links on the wallet for free. Other crypto assets can also be sent and received, but they are subject to network fees.  

Moreover, there are no KYC procedures to use Coinbase Wallet, but the company requires them to have a full crypto trading account. 

Coinbase also rolled out a “simple mode” for the wallet app, minimizing the service to its core functions of sending and receiving money.

COIN on the Rise

Coinbase’s shares had a rough ending last year, alongside the entire crypto industry, and had dumped to around $35. However, COIN started to regain value almost immediately as 2023 began, and the recent positive market moves have helped the stocks skyrocket to a multi-year peak of $140.

This means that COIN is up by more than 300% YTD so far, making it one of the best-performing assets overall. In fact, CryptoPotato reported last week that COIN, along with MicroStrategy’s MSTR, have soared by triple digits since the start of the year.