US cryptocurrency trading giant Coinbase has updated its decentralized wallet to include the ability for users to instantly send money through its Messages app at a low cost. The company is trying to expand the spread of crypto assets (virtual currency) by adding features that will compete with payment giant PayPal.

This new feature allows customers to send links to other Coinbase wallet holders in 170 countries via apps like iMessage, WhatsApp, Telegram, social media platforms like Facebook, Instagram, Snapchat, TikTok, or simply via email. Coinbase announced in a blog post that it will now be possible to send and receive funds.

This has led to crypto assets, which were primarily an investment vehicle, being used as a payment method to a wider audience, especially those who want to transfer funds internationally without delays, bank charges or other associated costs. This has the potential to promote the spread of crypto assets among people. Coinbase is not alone in this effort. Earlier this year, Tether (USDT) was added to Telegram’s @wallet bot, allowing users to exchange messages for the world’s largest stablecoin by market capitalization.

Nasdaq-listed Coinbase has seen its stock price rise nearly 300% since the beginning of the year as the crypto market recovers after a turbulent 12 months due to the crypto winter and the economic downturn in the US.

The additions come as many other companies, particularly large players in traditional finance, are moving into the crypto ecosystem. Within about a month, the U.S. Securities and Exchange Commission (SEC) has approved Bitcoin spot exchange-traded funds (ETFs) filed by various companies, including BlackRock, Fidelity, and Franklin Templeton. It is expected to be approved or rejected.

｜Translation and editing: Rinan Hayashi
｜Image: Alpha Photo/Flickr
｜Original text: Coinbase Adds Message-Based Crypto Payments to Its Decentralized Wallet