Coinbase rolls out money transfers via links sent on WhatsApp, TikTok and Instagram
Quick Take
- Coinbase announced customers can use its wallet to transfer money by sending links through messaging apps like WhatsApp, iMessage, and Telegram, in addition to social media platforms such as Facebook, Snapchat, TikTok and Instagram.
- Both the sender and receiver of funds will need to have Coinbase Wallet downloaded.
U.S.-based crypto exchange Coinbase is introducing a new service that allow customers to send money to each other through the world's most popular modes of communication at no cost.
"We've made it easy to send money anywhere you can share a link, whether it's through messaging apps like WhatsApp, iMessage, and Telegram, social media platforms like Facebook, Snapchat, TikTok, and Instagram, or even via email," the company said in a blog post.
Coinbase also said people will be able to send money to others even if they are located in other countries, and the settlement of transfers will be instant and free of charge.
Both the sender and the receiver of the funds will have to possess the Coinbase Wallet. If a person is sent a link and doesn't already have Coinbase's digital wallet, they will be directed to download it either from the Apple or Android app stores, the company said. If funds are sent and not retrieved within two weeks, the money will automatically be returned to the sender.
Coinbase Wallet is available in more than 170 countries, according to the company.
Coinbase incentivizing adoption
Coinbase's efforts to add greater utility to its digital wallet and potentially add new users comes at a time when cryptocurrency prices have been rallying. Bitcoin 
BTC
-0.81%
, the largest digital asset by market capitalization, recently topped $44,000, marking a 30-day increase of more than 25%.
The company's share price has also performed well this year as the intensity of its battles with the Securities and Exchange Commission has waned, while major traditional finance players like BlackRock hope to have their application for a spot bitcoin ETF approved soon.
Coinbase shares are up nearly 290% on the year, according to TradingView. They rose 0.3% on Tuesday to trade at $141.46 at 3:36 p.m. ET.
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