[NEWS] Coinbase to offer cryptocurrency remittance service on TikTok and Instagram

On the 5th, US cryptocurrency exchange Coinbase introduced a new service that allows customers to send stablecoins and USDC to each other for free through communication apps.

It will be possible to easily send cryptocurrency anywhere through communication apps such as TikTok, Instagram, WhatsApp, iMesseage, Telegram, and email.

When the recipient clicks on the shared link, they will be directed to Coinbase Wallet. Alternatively, if they have downloaded the iOS or Android app, they will be redirected to that app.

By clicking on the link, the recipient can request the sender to send cryptocurrency. If the sender approves, the payment will be made immediately.

There are no transaction fees. In addition, if the transferred cryptocurrency is not approved within two weeks, it will be automatically returned to the sender.

Coinbase Wallet currently supports fiat currencies in more than 130 countries, including Brazil's Pix, Nigeria's Instant P2P Bank, and the Philippines' GCash.

Users can also buy USD Coin fee-free anywhere Coinbase Pay is available, and send and receive a variety of cryptocurrencies on networks including Arbitrum, Avax, Base, Optimism, and Polygon.

Coinbase Wallet now has an optional Simple Mode, which focuses on the core wallet functions of buying, sending, receiving, and storing digital assets. This makes it easier for beginners to use crypto wallets.

In a statement, Coinbase said it would offer options to buy digital assets in as many countries as possible, and that it would "enable millions of people to participate in the crypto economy in a meaningful way by expanding global access while reducing complexity and fees."

Lower trading volumes but record $674 million in third-quarter revenue

In November, Coinbase reported third-quarter revenue of $674 million, of which $172 million was interest income earned on USD Coin reserves.

Coinbase, which is listed on the Nasdaq, has seen its stock price rise by more than 300% since the beginning of the year, exceeding $140 (approximately 20,000 yen) on the 5th and currently trading at $134 (approximately 19,000 yen).

Reference:Announcement
Image: Quoted from the announcement

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