A popular cryptocurrency exchange, Coinbase, has unveiled a secure encrypted messaging function in its digital wallet offering by collaborating with XMTP, also known as Extensible Message Transport Protocol.
The messaging feature on Coinbase Wallet will allow cryptocurrency users to use a secure communication platform between Ethereum’s Layer 1 and 2 accounts by using their cryptocurrency domain names given by Ethereum Name Service, Lens, and cb.id profiles for identification. Based on the official documentation, the design of XMTP has made it easily compatible with all identity solutions associated with digital accounts without requiring any changes.
Messages linked with a user’s Coinbase Wallet are securely transferred to other decentralized social media applications integrated with XMTP, including Converse.xyz, Lenster, and Orb without needing any extra steps. This means conversations will continue seamlessly across multiple platforms using the flexibility of the service. Furthermore, all messages will get interrupted with private keys that are exclusively shared among the participants, thereby adding an additional security layer.
Coinbase also mentioned that this update will allow users to send payments to those using USD Coin without paying gas fees within the secure messaging interface. The integration will simplify every transaction process and remove the regular complications that are associated with addresses, and merge the convenience of messaging and making payments securely.
Coinbase Wallet is the first self-custodial digital wallet to provide an integrated messaging function on XMTP, thereby providing its users the right to own their cryptocurrencies, communications, and identity. This feature went live on 12 July 2023, allowing every user to access it and receive invitational QR codes from the platform.
Coinbase is a leading cryptocurrency exchange that allows its users to exchange, buy, and sell digital currencies. It has a wide user base of more than 108 million verified users across 100 countries. The platform is popular for featuring its native NFT marketplace, a simple user interface for crypto trading and NFT users, and now it has made the headlines once again with Coinbase Wallet, which will have a messaging feature, allowing cryptocurrency users to communicate on the platform.