Coinbase reveals new features for in-app Crypto purchases

Coinbase makes buying and selling crypto easier with its new feature of in-app crypto purchases for android users in the US.

By · Oct 14, 2020 . 6min read

Coinbase reveals new features news

According to a blog post, cryptocurrency exchange Coinbase has revealed fascinating new features that would enable its wallet users to buy Bitcoin and other cryptocurrencies directly in-app, utilizing a debit card. Initially, not all Coinbase Wallet users will be able to access this feature. 

The new feature is accessible for Android devices in the US.

The ability to purchase cryptocurrencies from inside the Coinbase app will be first rolled out to Android devices in the US. IOS support and developing the service elsewhere were slated to follow shortly. By eradicating the requirement to navigate a cryptocurrency exchange to finance payments, the company expects to enhance the value for users, particularly for new users unfamiliar with space.

In application, purchasing cryptocurrencies from an exchange and then carrying it over manually to users’ wallet apps is time-consuming. Furthermore, users require to pay a high fee to move funds from the exchange to their wallet again. This led to a lengthy and complicated onboarding experience for new wallet users who are eager to get started with the open financial system. Creating an all-in-one solution makes a lot more sense for Coinbase users. It gives the wallet much more than storing value.

Coinbase to enhances the DeFi ecosystem.

Coinbase added that dapp developers would profit from this same-day delivery business model. The exchange has combined support for decentralized finance (DeFi) protocols on its wallet app earlier this year. Coinbase Wallet already enables users to earn interest in cryptocurrencies via the DeFi apps, Compound, and dYdX. Nevertheless, the exchange claims that the new one-click purchasing and trading from its wallet prominently increases the ease-of-use for users attempting to access DeFi protocols.

The exchange also says that existing Coinbase.com consumers can also link to their wallet accounts. However, the feature is entirely optional. All wallet features will remain accessible to users, even without linked Coinbase accounts.

However, this move comes after Coinbase’s recent decision to state that it is mission-focused clearly. Therefore, it would have all its employees apolitical. It has since lost 5% of its workforce. According to an internal memo, the sixty persons opted to receive their severance packages and leave the crypto unicorn.

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