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Coinbase's New Platform Allows Users To Buy NFTs & Access DeFi
Coinbase is unveiling a new way for users to participate in the realms of decentralized finance (DeFi) and non-fungible tokens (NFTs) with just a few clicks.
Himanshu S.
4:26 22nd Mar, 2022
NFTs

In a new blog post, The US-based crypto exchange says that it is launching Coinbase Pay, a new platform to make it “easy and intuitive” for users to buy NFTs and access DeFi applications.

With Coinbase Pay, users can now fund the Coinbase Wallet from the Chrome browser extension without having to copy and paste addresses or manually transfer crypto assets from their Coinbase account.

According to the crypto exchange, Coinbase Pay is a faster, easier and more secure method of funding the self-custody wallet.

“All you need to do is select ‘Add crypto with Coinbase Pay’ when you want to add crypto to your Coinbase Wallet extension.

Next, you simply select the currency you want to add to your wallet, specify the amount, confirm the transaction – and that’s it.”

According to the blog post, first-time users of Coinbase Wallet will have to connect their self-custody wallet to their Coinbase account before they can access Coinbase Pay.

Coinbase launched its browser-based self-custody wallet, Coinbase Wallet, in May of 2021. The self-custody wallet was initially introduced as a browser extension on Google Chrome and later as an app for both iOS and Android devices.

In November, Coinbase added more functionality to the wallet extension allowing users to browse decentralized applications, participate in DeFi and collect NFTs.

A month later, the crypto exchange announced its 2022 plans for Coinbase Wallet.

“We have ambitious plans for Wallet next year, including making our native DEX [decentralized exchange] trading feature more accessible and affordable and leveling up the experience of buying, selling, and collecting NFTs.”

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