Coinbase Introduces Money Transfers Through TikTok and Instagram

Vignesh Karunanidhi
Coinbase Introduces Money Transfers Through TikTok and Instagram
Source: Reuters

Coinbase Wallet has introduced new features that promise to slash complexity and fees for sending money across borders. The new feature will allow users to make instant international payments for free through links shared on social media and messaging platforms.

As detailed in a company blog post on Tuesday, the crypto wallet app now permits account holders to create customizable links for P2P payments within its interface.

These links can then be sent through various communication channels, whether WhatsApp, iMessage, Telegram, or email. This will enable recipients to instantly claim funds with just a few taps.

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Coinbase wallet has a presence in over 170 countries

According to Coinbase, what was once a cumbersome process will now take seconds, with no balance minimums, wait times, bank routings, or excessive charges imposed. If recipients do not already have Coinbase Wallet installed, clicking the link will direct them to download the iOS or Android app and open a wallet with one click, the company said.

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It marks Coinbase’s latest endeavor to position itself as an efficient global alternative to services like Western Union or Moneygram for remittances and cross-border transactions. The wallet is now available in over 170 countries and supports 20 languages.

The announcement comes at a time when Bitcoin breached the $44,000 level, rising over 5% in the last 24 hours.