Coinbase, a crypto asset exchange based in San Francisco, USA, announced the launch of Coinbase Pay on 13 May 2022.
Coinbase Pay is a payment system that simplifies the exchange of legal tender and crypto assets. The system makes it easier for users to purchase NFTs and DeFi.
It aims to eliminate the hassle of buying and transferring crypto assets on exchanges and to facilitate smooth transactions from legal tender.
About Coinbase Pay
Coinbase has announced its entry into the NFT business in October 2021 and launched a beta version of its NFT marketplace, Coinbase NFT, on 20 April.
Coinbase Pay was released as the next step in this process.
Features of Coinbase Pay
Coinbase Pay allows users to purchase and transfer crypto assets with a few clicks.
It makes it easy for users to enter DeFi and purchase NFTs.
It could be an option for new users who want to trade crypto assets.
It has also been announced that users will be able to use their existing crypto balances or purchase new crypto using payment details stored in their Coinbase accounts, such as debit cards or bank accounts.
Supported currencies and target users
Coinbase Pay is said to be compatible with over 100 crypto assets.
Available to users with Coinbase accounts that have completed KYC (identity verification) and fraud checks.
Coinbase Pay is currently available on Coinbase Wallet and Coinbase NFT. In the coming weeks, it will also be available on Metamask, which has 30 million users.
In addition, Coinbase NFT went into open beta on 6 May and is available to all users.
Summary of Coinbase Pay
Coinbase Pay makes it easy to buy and transfer crypto assets. With a wide range of supported currencies and plans to work with Metamask, more people will be able to experience crypto assets and Web3 in the future.
Coinbase aims to make Web3 accessible to all, so keep an eye on Coinbase NFT and other NFT businesses in the future.