1. Home
  2. News
  3. Wallet news
  4. Coinbase wallet now allows purchases of cryptocurrency inside the app

Coinbase wallet now allows purchases of cryptocurrency inside the app

Photo of: Sangeetha Golchha
by Sangeetha Golchha

There is a breather for Coinbase wallet users. For those investors and users who use the wallet services of Coinbase, buying, and then storing their cryptocurrencies just became simpler and easier than they thought. Coinbase made an announcement yesterday that in a move to progress the value chain it will have a fiat on-ramp embedded within the wallet itself. 

Earlier to this new functionality, the users who were holding their crypto in the wallet would have to purchase crypto either on the Coinbase app or somewhere else after which they could send funds back to the Coinbase wallet. So only means that the users who were trying to utilize the services of let’s say a DeFi protocol would have to take the trouble of installing two different apps in order to get started. 

But thanks to the new addition announced by Coinbase, now users could buy crypto within the Coinbase wallet, without the need to get into the Coinbase exchange services. In the latest addition to their app, the users will be able to see a new “Buy or transfer” option on their homepage screen which will now look like this: 

At an initial level not all the Coinbase wallet users can have access to this feature. The new feature which is to be able to buy cryptocurrencies from inside their app will first be rolled out to Android devices in the US with IOS support. Once that is done, further, expansion is surely on the cards. The company believes that by eliminating the need to navigate to a cryptocurrency exchange to fund payments, the users will benefit a lot. This will be a lot better for the new users who are not too much into the use. It will also spring-up the ease-of-use factor of wallet use. The exchange said:

“This created a lengthy and complicated onboarding experience for new Wallet users who are excited to get started with the open financial system. With today’s launch, whether you want to start using a dapp, send crypto to friends, or just store your own crypto, getting started with Wallet is much easier.”

Earlier the practice of buying cryptocurrencies from exchanges and then transferring it manually to user’s wallet apps was extremely time-consuming. Moreover, the users also have to pay a high fee to transverse funds from the exchange to their wallet again. But now with all things under one roof system is a move in the right direction making the Coinbase wallet much more than a value storage app.

Coinbase further added that dapp developers also will benefit immensely from this same-day delivery model. Coinbase wallet already allows users to earn interest on the cryptos through the DeFi apps. But the exchange is positive that one-click buying and selling from its wallet will increase ease-of-use for those users who are seeking DeFi protocols.

“Existing Coinbase.com customers can also link to their Wallet accounts, and the feature is completely optional. All Wallet features will remain available to users even without linked Coinbase.com accounts.”