The post Coinbase Wallet Set to Launch Tap and Pay Crypto Feature, With ETH L-2 Innovations appeared first on Coinpedia Fintech News
Coinbase Wallet is gearing up to launch its new “Tap to Pay” feature, aiming to make crypto payments as easy as a tap and as mainstream as traditional digital payments like Venmo, Cash App, and PayPal. Meanwhile, Jesse Pollak, head of Base and Coinbase wallet confirmed that the feature is already in “internal alpha” testing and will launch widely “very soon.”
In addition to this, Coinbase has acquired the Utopia Labs team to speed up the development of its on-chain payment features within Coinbase Wallet.
Coinbase: Tap to Pay Feature
Jesse Pollak, the creator of the Ethereum layer-2 (L2) network Base and lead of Coinbase Wallet, explained that “Tap to Pay” aims to make crypto payments easier and more accessible for merchants worldwide, particularly those who currently use apps like Venmo or PayPal.
The new “Tap to Pay” functionality in Coinbase Wallet will enable a faster, more seamless payment experience. By the end of 2025, Coinbase Wallet aims to be available in 50 countries, giving users access to an array of crypto-based financial services, including connecting bank accounts to facilitate smoother transactions.
Pollak believes this move will encourage users to manage their finances on-chain, offering them benefits like lower transaction fees and faster processing times.
In addition, Coinbase Wallet is expected to introduce off-ramps that allow users to receive payments in stablecoins, such as USD Coin (USDC) or Tether (USDT), which can then be easily converted into local currencies.
Solving Ethereum’s Layer-2 Interoperability Challenges
In addition to expanding crypto payment options, Coinbase Wallet is also focused on solving a big issue in Ethereum’s ecosystem, layer-2 interoperability.
As of now, networks like Arbitrum and Optimism don’t easily work together, making cross-chain transactions difficult. To fix this, Coinbase Wallet is focusing on two standards—ERC-7683 and RIP-7755—which will help make transactions smoother between different Ethereum layer-2 platforms.
This solution will make it easier for users to move tokens across various Ethereum layer-2 networks, improving decentralized finance (DeFi) and other blockchain applications.
Coinbase Acquired Utopia Labs
Jesse Pollak shared in a blog post that the Utopia team has been working on on-chain payment products for years. He’s excited for Utopia Labs to join Coinbase to help bring fast, low-cost, and global payments to everyone.
The Utopia Labs co-founders announced on their website that they are joining Coinbase, and as a result, Utopia Labs’ products would be shutting down. They mentioned that their focus has always been on advancing on-chain payments and found a perfect match with Coinbase’s mission.