Also available is the ability to import an existing self-custody wallet, such as MetaMask, Trust Wallet, Coinbase Wallet, or other Ethereum-based wallets, into the system. In the late afternoon of Monday, the business revealed that Coinbase Wallet customers will now have the ability to convert their cryptocurrency into fiat currency from inside the wallet software itself.
Earlier, customers who wanted to store their cryptocurrency in the self-custodial wallet had to purchase cryptocurrency using the Coinbase app (or another source) and then transfer the money to Coinbase Wallet.
This meant that anybody wishing to utilize, for example, the DeFi protocol would have to download and install two distinct programs in order to get started. Users may now purchase cryptocurrency straight from their Coinbase Wallet, without the need to visit the Coinbase.com exchange. Users will now have the following option on their Wallet home screen: “purchase or transfer”:
Coinbase noted in a blog post that the wallet “allows customers in any area of the globe to store their own crypto and utilise popular dapps like Compound and Uniswap.”
“Previously, everyone who was new to cryptocurrencies had to purchase their first bitcoin from an exchange and then manually move it over to their Wallet applications,” says the author.
Decentralized app producers would benefit from the development since it will let them to “create dapps with just one quick app install for their consumers,” according to Coinbase. Since its launch in May, Coinbase clients have been able to browse decentralized applications, access dozens of cryptocurrency exchanges, trade on decentralized exchanges, earn interest, and accumulate non-fungible tokens, according to the company.