Coinbase has introduced an end-to-end encrypted, private and portable messaging feature for its self-custody wallet product: Coinbase Wallet to allow users to connect directly through their wallet, engage with communities and send payments across thousands of coins. .

The goal is to give Coinbase Wallet users full control and ownership over their identity and chats by eliminating unnecessary risk and potential loss with the help of messaging.

New Coinbase functionality

According to the official blog post, Coinbase Wallet has been integrated with XMTP, which is an open protocol and network for web3 messaging. The new functionality is intended to address common issues facing the Coinbase Wallet, such as accidentally sending crypto to the wrong address, someone claiming ownership of a .eth username they don’t own, or fake online profiles on trading platforms. social networks.

In short, wallet holders will be able to send messages to and from Ethereum accounts, including those with CB.IDs, ENS domains, lens profiles, or unstoppable domain profiles. This flexibility in the service is expected to help users “make real connections, bid on NFTs, and pay others directly,” the cryptocurrency giant said in a statement.

Also, chats can be transferred to any other XMTP-enabled application at any time. Users will also be able to send payments to others using the USDC stablecoin without incurring gas fees.

“Today, we are announcing a new way to engage with the crypto community with integrated messaging in Coinbase Wallet powered by the XMTP protocol. Messaging in the Coinbase Wallet is end-to-end encrypted, private, and portable.”

Simplifying the transaction process for Web3

The latest development is a major milestone for the Web3 wallet space as it expands traditional crypto wallet offerings of just buying, holding, exchanging and transferring digital assets. Adding encrypted interaction functionality essentially removes a major drawback of using a different messaging platform to interact with someone, confirm their credentials, and then go back to the wallet to send or receive tokens.

Coinbase is currently involved with the US Securities and Exchange Commission (SEC) for allegedly operating as an unregistered stock exchange, broker, and clearing agency. Most recently, the financial regulator claimed that the crypto exchange was aware of the violation of securities law in the country.

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