Users Can Send Crypto via Social Media

On Dec 6, 2023

Coinbase (Nasdaq; COIN) has simplified the process of crypto transfers by enabling the sending and receiving of digital currencies through links shared on messaging and social media platforms. Announced yesterday (Tuesday), the links can be shared on WhatsApp, iMessage, Telegram, Facebook, Snapchat, TikTok, and Instagram, or even via email.

“Sending money is now as easy as sending a text, direct message, or email — wherever you already connect with friends and family,” the California-headquartered crypto exchange wrote in a blog post. “We’ve made it easy to send money anywhere you can share a link.”

The crypto exchange also highlighted that the new payment feature, which is already rolling out, is instant and without fees. It would be ideal for making micro-payments. However, who will pay the blockchain fees to process the payments needs to be made clear.

The feature is specific to the users of Coinbase Wallet, the self-custody crypto wallet platform of the namesake crypto exchange.

Both senders and receivers need to be the users of Coinbase Wallet. If the receiver is not a Coinbase Wallet user, the payment claim link will redirect them to a download link of the wallet platform.

Further, if the funds are not claimed within two weeks, they will be returned to the sender’s wallet. The announcement stressed that as Coinbase Wallet is available across 170 countries, the funds can be claimed in almost every corner of the globe.

“We’ll continue to expand global access by providing options to buy digital assets in as many countries as possible. This is especially important for people in high-inflation economies with limited access to the global financial system and more stable currencies such as the US Dollar,” the official announcement added.

Send money anywhere you can send a link.
Easily. Instantly. For free.
⤷ https://t.co/CKyLu1wYEw pic.twitter.com/XX9YaZZEPm
— Coinbase Wallet 🛡️📞 (@CoinbaseWallet) December 5, 2023

Leveraging Its Global Presence

Coinbase is the top crypto exchange in the United States and has an extensive global presence. However, Kazakhstan blocked access to the crypto exchange last month, citing new crypto regulations in the country.

The exchange generated $674.1 million as operating revenue last quarter but remains loss-making. With the ongoing crypto rally, the share price of the change skyrocketed, gaining 62 percent in the previous month and 317 percent year-to-date.

Movement of COIN shares since January 2023

Meanwhile, the exchange continues to fight the US securities market regulator in court, defending the allegations of running an illegal exchange platform and listing unregistered securities.