{"id":35195,"date":"2023-07-13T13:37:35","date_gmt":"2023-07-13T17:37:35","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/coinbase-wallet-introduces-messaging-feature-for-direct-user-interaction\/"},"modified":"2023-07-13T13:37:38","modified_gmt":"2023-07-13T17:37:38","slug":"coinbase-wallet-introduces-messaging-feature-for-direct-user-interaction","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=35195","title":{"rendered":"Coinbase Wallet Introduces Messaging Feature for Direct User Interaction"},"content":{"rendered":"
\n

Coinbase\u2019s self-custody wallet \u2013 one of the most popular tools for personally safeguarding one\u2019s crypto holdings \u2013 will soon function as a simultaneous encrypted messaging service, the company revealed on Wednesday.\u00a0<\/p>\n

In a video statement<\/u><\/a>, the company said its product will be \u201cthe only wallet with built-in messaging powered by XMTP\u201d \u2013 a web3-based decentralized communications network and messaging service.<\/p>\n

Using the network, Coinbase\u2019s messaging service can support and search for human-readable Ethereum addresses (ex. Ethereum Name Service\u2019s \u2018.eth\u2019 addresses, or Lens protocol\u2019s .lens addresses.).\u00a0<\/p>\n

Wallet owners also have access to the previously available Coinbase Decentralized ID (cb.id) addresses which, unlike ENS, are free to establish.\u00a0<\/p>\n

<\/oembed><\/figure>\n

In a follow-up<\/u><\/a> Twitter thread, Coinbase explained that messaging is interoperable, meaning chats can be moved between Coinbase wallet and any other application leveraging XMTP, such as Lenster<\/u> or Orb<\/u>.<\/p>\n

\u201cLike all of your digital assets, your chats are fully yours to own,\u201d the company wrote. \u201cCoinbase does not have access to them, only you do.\u201d<\/p>\n

\u201cYour messages are end-to-end encrypted and stored in XMTP’s decentralized and secure communication network,\u201d it added.<\/p>\n

Within the messaging app, users may also seamlessly send thousands of different cryptocurrencies to one anyone using any crypto asset supported by Coinbase wallet, per a company press release<\/u>.\u00a0\u00a0<\/p>\n

When transacting in the Circle-issued stablecoin USDC, transactions are made gas free by leveraging Polygon \u2013 Ethereum\u2019s layer-2 blockchain for more scalable and cheap transactions.\u00a0<\/p>\n

Like traditional messaging apps, users can block incoming messages to their inbox, and view the wallet profiles of other users before connecting with them.\u00a0<\/p>\n

Combining Crypto With Messaging<\/h2>\n

One of the purported benefits of the service, from a payments perspective, is allowing users to safely know who they\u2019re sending money to before pressing send. The firm stated:<\/p>\n

\u201cGone are the days when you had to send a small balance to confirm a wallet address. No more guessing if a person\u2019s social profile matches their wallet. Eliminate unnecessary risk and potential losses with the help of messaging.\u201d<\/p>\n

As Coinbase wallet enters the messaging sphere, legacy messaging services are also integrating crypto. Telegram \u2013 a p2p messaging service popular in crypto circles<\/u> \u2013 recently announced its chat API bot \u201cWallet,\u201d letting merchants facilitate Tether (USDT) and Bitcoin (BTC) payments directly in Telegram\u2019s interface.\u00a0<\/p>\n

In its lawsuit against Coinbase in June, the U.S. Securities and Exchange Commission alleged that Coinbase Wallet has allowed Coinbase to operate as an \u201cunregistered broker\u201d by allowing users to \u201croute orders through third-party crypto asset trading platforms.\u201d<\/p>\n<\/p><\/div>\n