Metamask, one of the most popular software-based hot wallets, has just announced an exciting new integration with Coinbase Pay. The news came shortly after Coinbase announced that developers could add its web3 payment infrastructure to dApps.
What does this integration involve?
After announcing this integration, Metamask became the first external hot wallet Coinbase Pay can connect to. That is to say, Metamask users will soon be able to use Coinbase Pay. As a result, they will be able to finance their non-custodial wallet with the crypto they already have in their Coinbase account. In addition, they can also transfer funds from payment information such as debit or credit cards in a few clicks.
According to Metamask: “We’ll soon be integrating Coinbase Pay into MetaMask as a method of transferring & purchasing crypto. @Coinbase is launching this integration with MetaMask first as they roll out to the web3 ecosystem! This integration is another step towards our goal of making crypto easier to purchase within MetaMask.”
Why is the Coinbase Pay x Metamask integration revolutionary?
The benefits of this integration are indeed endless. Coinbase Pay allows developers to ensure that all crypto transfers are as secure as possible. Moreover, users do not have to go through an onboarding process, as they can use the payment methods they have already saved on Coinbase.
More importantly, developers do not need to introduce additional verification methods, as all users would have already passed Coinbase’s extensive fraud checks. Therefore, developers can simply use this integration in their dApps without the need to develop a completely new system.
More opportunities for SMEs
The web3 boom has left many retailers scratching their heads about how to integrate DeFi payments into their system. Coinbase Pay allows both customers and retailers to enter the world of web3 payments with a user-friendly self-custody wallet. Undoubtedly, this opens up a world of opportunities for small businesses that would otherwise not afford to accept crypto payments.