Coinbase Pay added to Aptos Labs crypto wallet

Tech • September 19, 2023, 5:18PM EDT

Published 1 minute earlier on

Quick Take

Aptos Labs has integrated its Petra crypto wallet with Coinbase Pay in an effort to streamline functionality and boost use.

In the hopes of reducing friction when onboarding new users, Aptos APT +8.23% Labs has added a Coinbase Pay integration to the mobile and desktop versions of its crypto wallet called Petra, the companies announced in a statement.

By adding a fiat ramp familiar to many of Coinbase's users, Aptos Labs wants to make the process of converting fiat into crypto and vice versa easier.

"With Coinbase Pay, Coinbase users can add APT to Petra seamlessly through their choice of bank, debit card, credit card, and even their Coinbase account balance," Aptos said in the statement.

The announced integration follows a flurry of similar announcements where companies are aiming to improve the onboarding of new customers by improving or adding to functionality, in some cases by partnering with traditional tech companies.

Coinbase users

Last month, Aptos said it is working with Microsoft to explore "innovative solutions" related to asset tokenization and digital payments. Coinbase has been working with payments giant PayPal since at least 2021.

With the partnership Aptos, which was founded by former Meta employees, hopes to have a more direct line to Coinbase's millions of users.

About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.