Coinbase Wallet Tap and Pay Crypto Coming Soon, L2 Interoperability in Months

Tap and Pay crypto coming to Coinbase Wallet, L2 interoperability in months

Coinbase Wallet users will soon be able to tap their phones to pay for things in stores using cryptocurrency, thanks to a new feature being rolled out by the digital wallet provider.

Announced at DevCon in Bangkok on Monday, the feature will allow Coinbase Wallet users to make faster, cheaper payments at stores and to individuals. It is an alternative to Cash App, Venmo, and similar applications and provides a faster solution to using cryptocurrency for real-time cross-border payments.

Coinbase Wallet users will be able to link their bank accounts to receive stablecoins, making it easier to pay people or receive salaries or other incomes. Stablecoins aren’t volatile like other digital currencies and are well suited for these types of payments. People can now use stablecoins in exchange for local currency.

Coinbase Wallet is now offering users extra features. People can now integrate their bank accounts with Coinbase. This integration will enable people to receive stablecoins like USDC or USDT directly into their Coinbase Wallet. Stablecoins like USDC and USDT aren’t volatile like other cryptocurrencies. They are well suited for paying salaries or other incomes. People can now use stablecoins in exchange for local currency.

Merchants will find that stablecoins are a better option once they realize that using them will cost less than credit card fees. Tap-to-pay and easy stablecoin transfers could make this process even simpler. These features allow Coinbase Wallet to offer customers and businesses a more affordable payment method.

Coinbase Wallet is also working on solving a major UX problem in the Ethereum space: the lack of integration points between Ethereum’s layer-2 systems. Until now, L2 networks like Base, Arbitrum, and Optimism have operated independently, making it difficult to switch between them and move assets from one to the other.

Coinbase is now working on a solution to this problem, which Pollak says will be ready in six months. The solution will use a two-part technical framework: ERC-7683 and RIP-7755. This framework will help connect layer-2 networks. When adopted through a single module such as Coinbase Wallet, users will be able to control assets within major Ethereum layer-2s, reducing many of the current pain points.

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