Coinbase Wallet will be announcing a new "Tap to Pay" service.
Coinbase Wallet will be announcing a new "Tap to Pay" service. This puts the company in direct competition with Cash App, Venmo, and industry leader PayPal. The announcement came directly from Coinbase Wallet lead and Base founder Jesse Pollak at Bangkok's DevCon conference.
The new feature is now in internal alpha testing and positions itself as a more efficient, globally available means of payment. "We can give them a better, faster, more global tap-to-pay experience that will work in every country around the world," said Pollak during the conference. He presented an ambitious goal: to introduce the service in 50 countries before the end of 2025.
This innovation will center on the combination of traditional banking systems with digital infrastructures in cryptocurrency. It will allow users to receive stablecoin settlements like USD Coin or Tether, which can easily be converted into local currencies. The hybrid system may also unlock better interest rates for users and thus serve as a path toward superior economic outcomes by closing the gap between conventional banking and digital assets.
This development comes as Base, Coinbase's layer-2 blockchain solution, is reportedly close to solving Ethereum's interoperability challenges on L2. This interoperability solution can revolutionize the way users interface with different blockchain networks and may potentially unite an ecosystem currently securing upwards of $42 billion in value. Its implementation will authorize seamless token transfers between Base and other Ethereum layer-2 networks like Arbitrum One, OP mainnet, and Blast.
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