Coinbase recently introduced a new update, going by the name “Coinbase Pay”, which makes it possible for customers to stock up funds in their Coinbase Wallets, straight from a Chrome browser extension.

Specifically, as revealed by Coinbase employees, Coinbase Pay was reportedly built with a goal of offering an intuitive product for all users, to take part in DeFi, swap tokens on DEX, as well as buying non fungible tokens (NFTs) in just a few clicks. 

“Before Coinbase Pay, users who wanted to add funds to their Coinbase Wallet from the browser extension needed to navigate to Coinbase.com, sign in to their account, copy-paste their wallet address, and manually transfer funds from their Coinbase account. The process was not only cumbersome, but also left the user vulnerable to user error.”

The customers will reportedly be able to utilize Coinbase Pay for a simplified method including choosing the currency to add to one’s wallet on Chrome, input the amount and confirm the transaction. 

“No more switching between apps, copy-pasting addresses and manually transferring funds”. The Coinbase employee further revealed. 

Per the firm, it is not mandatory for users to register a Coinbase.com account to be able to gain access to Coinbase Wallet. However, it would be necessary to connect their self-custody wallet to their Coinbase account prior to using Coinbase Pay as a fiat-to-crypto on-ramp service.

Although generated from a centralized exchange, private keys within the extension are stored by the user and not by Coinbase.

In February, the Coinbase wallet reportedly included facilitating features for the Ledger hardware wallet. By the end of 2021, the exchange underwent development to store 12% of all crypto throughout over 150 asset types.