This exclusive DM feature has been built using the open-source Web3 messaging network of Texas-based startup XMTP.
– Coinbase has launched an encrypted messaging service on its self-custodial wallet app.
– The messaging feature allows NFT and POAP holders to connect with others who own the same digital assets through direct messaging.
– Users can leverage the messaging feature to make crypto payments, similar to PayPal’s Venmo or Block’s Cash App.
– Coinbase wallet users will also have access to personalized wallet labels through Coinbase Decentralized ID (cb.id) – created in collaboration with the Ethereum Name Service (ENS).
– Coinbase is currently involved in a lawsuit with the US SEC over allegations of offering unregistered securities.
What can be done with the wallet?
– The messaging feature allows NFT and POAP holders to connect with others who own the same digital assets through direct messaging.
– The wallet can be used for crypto payments, similar to PayPal’s Venmo or Block’s Cash App.
– Users will have access to personalized wallet labels through Coinbase Decentralized ID (cb.id) in collaboration with the Ethereum Name Service (ENS).
Coinbase isn’t the first with the messaging feature
– Coinbase isn’t the first to explore Web3 messaging, but it is the largest one so far.
– The messaging feature is built using the open-source Web3 messaging network of Texas-based startup XMTP.
– Coinbase wallet has 1.3 million users worldwide.
– Users can move their conversations from any of the ~450 applications built on XMTP to the Coinbase Wallet.
– XMTP messages are not recorded on-chain, but travel across nodes managed by XMTP Labs.
What can you do with the messaging feature?
– Users can connect with others who own the same digital assets through direct messaging.
– Users can make crypto payments, similar to PayPal’s Venmo or Block’s Cash App.
– Users who conduct transactions in the USDC stablecoin won’t have to pay gas fees.
– Users will have access to personalized wallet labels through Coinbase Decentralized ID (cb.id) in collaboration with the Ethereum Name Service (ENS).
Building through the FUD
– Coinbase is currently involved in a lawsuit with the US SEC over allegations of offering unregistered securities.
– The SEC claims that Coinbase offered unregistered securities since 2019.
– Coinbase responded by stating that the SEC lacks jurisdiction to regulate its activities.
Hot Take:
Coinbase’s launch of an encrypted messaging service on its wallet app is a significant development that enhances the functionality and interactivity of the wallet. By allowing users to connect and communicate with others who own the same digital assets, Coinbase is creating a sense of community within its platform. The messaging feature also has the potential to facilitate crypto payments and provide personalized wallet labels, further expanding its utility. However, Coinbase’s ongoing lawsuit with the US SEC raises concerns about regulatory compliance and may impact the company’s future.
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