Coinbase has announced the introduction of the new 'Tap to Pay' feature, aimed at simplifying crypto payments and bringing them closer to conventional digital payments. Jesse Pollak confirmed that the feature is in 'internal alpha' testing and will soon be available.
New 'Tap to Pay' Feature
Jesse Pollak explained that the goal of 'Tap to Pay' is to make crypto payments more accessible for merchants worldwide, particularly those using apps like Venmo or PayPal. By 2025, Coinbase Wallet aims to be available in 50 countries, offering users a wide range of crypto-based financial services, including the ability to connect bank accounts to facilitate transactions.
Ethereum Layer-2 Interoperability Challenges
Coinbase Wallet is also focusing on solving the issue of Ethereum layer-2 interoperability. Currently, networks like Arbitrum and Optimism do not work together easily, complicating cross-network transactions. To address this problem, Coinbase Wallet is focusing on standards ERC-7683 and RIP-7755, which will help ease transactions between different Ethereum layer-2 platforms, enhancing DeFi and other applications.
Acquisition of Utopia Labs
Jesse Pollak shared that the Utopia Labs team is joining Coinbase to accelerate the development of on-chain payment features. The co-founders of Utopia Labs announced that their products would be discontinued as they found a perfect match with Coinbase's mission to expand on-chain payment capabilities.
The launch of 'Tap to Pay' and the acquisition of Utopia Labs reflect Coinbase's drive to advance crypto payments and overcome technical obstacles, such as Ethereum layer-2 interoperability issues, to provide convenient and accessible solutions for users worldwide.