Coinbase Wallet users can now buy cryptocurrencies directly from the self-custody crypto wallet app. Initially, this new feature is only available on Android devices in the US.
Brian Armstrong, CEO and Co-founder at Coinbase, said that this wallet upgrade is an important milestone.
A great usability win for DeFi and the crypto economy.
As stated by Group Product Manager Sid Coelho-Prabhu, Coinbase believes that growing the crypto economy is a “key step to building an open financial system for the world.” Notably, Coinbase Wallet is already a leading crypto wallet for accessing DeFi specifically decentralized applications (DApps) like Compound and Uniswap.
Starting today, aside from using a DApp as well as storing, sending, or transferring crypto, Coinbase users can now use their debit cards to purchase Bitcoin, Ethereum, and other supported altcoins within the wallet.
Upon launching the new crypto buy feature, it can be accessible for US-based wallet users only. As mentioned, the Coinbase Wallet team will expand its services to iOS devices and other countries soon.
Existing Coinbase.com customers can also link to their Coinbase Wallet accounts to utilize the optional feature. Nonetheless, all Coinbase Wallet features will remain available to users even without linking to their exchange accounts.
On top of the new fiat onramp service, Coinbase also revealed its new crypto-to-fiat withdrawal feature. By using this feature, users located across the US, UK, and Europe can now instantly withdraw their cryptocurrency funds from their Coinbase accounts and convert it to fiat using their Visa or Mastercard.