July 16, 2024
Coinbase Unleashes Free USDC Transfers on BASE Network to Drive Adoption
Altcoins News

Coinbase Unleashes Free USDC Transfers on BASE Network to Drive Adoption

Coinbase, in a strategic move to enhance the adoption of its new layer-2 network, Base, has introduced a new feature enabling users to transfer USDC for free. This functionality is accessible through the Coinbase Wallet app under Simple Mode, part of the newly launched user interface prioritizing buying, selling, and transferring crypto assets.

Simple Mode aims to streamline the onboarding process for newcomers, excluding advanced features like staking and DeFi. Brian Armstrong, the CEO of Coinbase, stated that Simple Mode, supporting cost-free USDC transfers on the Base network, will automatically become the default option for users in “frontier markets.” This move intends to spare first-time users from the high fees associated with transferring USDC on Ethereum, the default choice on the native Coinbase Wallet app.

Ethereum transaction fees for USDC transfers can currently reach up to $1.31 due to high block demand, but with Base, users have the option to transfer for free and instantly. Beyond simplifying the user experience, these new features align with Coinbase’s broader mission to drive the adoption of the Base network. As one of the most widely used Web3 wallets, Coinbase, with over 100 million verified users, aims to leverage its broad audience to make Base one of the most utilized blockchains globally.

The Base network, built on Ethereum as a layer-2 solution, has seen early success, ranking as the 10th largest chain by DeFi Total Value Locked (TVL) with over $365 million locked across protocols. Recently, Coinbase listed the first Base-based token, Seam, as part of its efforts to attract more users to the ecosystem.

Image by Crypto Dost on Flickr

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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