Recently, there have been several partnerships in the crypto space to foster advancement. Crypto wallet provider, MetaMask, is not left out.
On the 24th of May, the platform announced that it would add Coinbase Pay to its payment option. This was after Coinbase stated that it would expand its services to decentralized apps. With the new addition, Web3 developers can access the Coinbase payment option on MetaMask.
Feature To Roll Out In Few Weeks
The recent feature makes MetaMask the first Crypto wallet to use Coinbase Pay. The report states that;
“We shall integrate the Coinbase Pay option into MetaMask soon. This integration will allow for easy buying and transfer of digital assets. MetaMask is the first platform to receive this feature as Coinbase enters the Web3 universe. This addition is part of the company’s goal to make buying and selling of crypto easier on MetaMask.”
As per the report, the MetaMask Community will be able to access the feature in the coming weeks. Those who have an account with Coinbase can purchase more crypto and transfer to MetaMask.
Previous options to buy crypto on Coinbase include the use of debit cards and bank accounts. However, when the feature rolls out, MetaMask users can purchase crypto directly on the platform. All they have to do is access the Coinbase Pay option.
Coinbase Expands Service To Web3 Community
At the start of May, Coinbase introduced the Coinbase Pay option. The purpose of the feature was to allow for easy movement of funds in web3. This payment system would be compatible with other digital assets such as NFTs, DeFi, etc.
Recently, the market for NFTs and Defi has received massive usage. Unfortunately, new retail firms find it hard to enter the market due to the competition. Moreover, it is costly.
For users to use web3 features, they have to transfer crypto manually. Also, they have to log into several decentralized applications to get their crypto wallet addresses. This activity takes time and is prone to errors which is hard to fix.
The goal of Coinbase Pay is to resolve these issues and allow for easy and smooth payment. Coinbase also talked about the new development. The crypto exchange platform noted that;
“This new feature, Coinbase Pay, is immensely beneficial to the crypto community. This is a new method to easily buy and transfer crypto to other apps or wallets. Users can buy NFTs and trade on Defi platforms. Old users can access their current balance on Coinbase or purchase digital currencies. Users can use their Bank accounts and debit cards for this purpose.”
In conclusion, Coinbase noted that a simple fiat-to-crypto payment gateway would make web3 ecosystem more accessible.