Popular crypto wallet MetaMask announced on May 24 that it is set to integrate with Coinbase Pay soon. The recent development came after Coinbase revealed that Web 3 developers can now integrate its payment system into their dApps.
The new move makes MetaMask the first wallet to integrate Coinbase Pay. Accordingly, the new protocol will be available to MetaMask users in the next couple of days. Once adopted, users would be able to use their crypto tokens on their Coinbase account to make purchases.
Moreover, users can also use their payment details on bank accounts and credit cards to process their transactions.
The latest announcement is part of the push for the Web 3 space, which has begun to gain traction in recent days.
Web 3 Developers Have a Way
The move to Web 3 has been growing among many crypto service providers, hence the need for payment solutions. To help with fast fund transfers across Web 3, Coinbase developed the Coinbase Pay platform.
Coinbase aims to make a transaction on Web 3 seamless and easy to navigate across different crypto products. Decentralized finances (DeFi) and non-fungible tokens (NFTs) are included in the payment solution.
However, stablecoins are not available on the Coinbase Pay platform. It could be that developers are awaiting further market outcomes before deciding what to do next.
The expansion of DeFi and NFT still does not make it easy for newcomers to dive into the market. A complex process is usually expensive for first-time visitors to do without feeling the heat.
The Coinbase Pay platform is designed to remove the difficulties in ensuring ease of transactions in the DeFi and NFT spaces. It seeks to solve most of these complex problems for customers in a do-it-yourself way.
Furthermore, the company explains the reason behind the latest service on the market. Coinbase Pay is one of the easiest ways to buy or transfer digital assets to a wallet. With just a few clicks, newcomers could be able to dive into the world of DeFi or NFT.
The platform has simplified payment so that even a layperson can use the system for the first time. Meanwhile, fiat to crypto conversion is also possible on the Coinbase Pay platform.
Coinbase Indian Expansion
The largest crypto exchange platform in the U.S. is working on further expansion to other countries in Asia. Despite the regulatory uncertainty in India, Coinbase has managed to have a foothold in the market.
Its subsidiary, Coinbase India, is one of the leading crypto exchanges in India, with more than half the customers. The exchange has facilitated easy crypto transactions in the country and implemented innovations.
However, the lack of clear regulatory guidelines is limiting the exchange’s operations. The industry awaits the government’s position on cryptocurrency trading with no end in sight.
Meanwhile, the crypto transaction is still ongoing without official approval from the financial regulators of India.