For Coinbase users who don’t want to keep their funds on an exchange, the buying and storing crypto just became a lot easier.
On Monday afternoon, the company announced that Coinbase Wallet users would now have a fiat on-ramp within the wallet itself.
Previously, users holding their crypto in the self-custodial wallet would have to buy crypto on the Coinbase app (or elsewhere) and then send funds to Coinbase Wallet. This meant people trying to use, say, a DeFi protocol would have to install two separate apps to get started.
Now users can buy crypto from within Coinbase Wallet without directly touching the Coinbase.com exchange.
“Wallet allows users in every part of the world to store their own crypto and use popular dapps like Compound and Uniswap,” Coinbase wrote in a blog post. “However, until now, anyone new to crypto had to buy their first cryptocurrency from an exchange, and then transfer it over manually to their Wallet apps.”
For decentralized app creators, the development means they “can build dapps with just one easy app install for their users,” Coinbase wrote.