Tap and pay crypto coming to Coinbase Wallet, L2 interaction in months
Coinbase Wallet will soon roll out a “Tap to Pay” crypto solution to compete with Cash App, Venmo, PayPal and other instant payment firms.
Speaking to Cointelegraph, Coinbase Wallet Lead and Base Founder Jesse Pollack revealed that Coinbase's non-custodial cryptocurrency wallet feature is in “internal alpha now” with a full release “very soon”.
“The long tail is going to be huge, especially for merchants who are currently using Cash App or Venmo or PayPal,” he said at the DevCon conference in Bangkok on Nov. 13.
“We can give them a better, faster and more global payment experience that works in every country around the world. I think that's huge.”
The creator of Ethereum's Layer 2 base hopes to see 50 countries integrate into the Coinbase Wallet by the end of 2025.
Jesse Pollack sits down with Andrew Fenton at the DevCon conference on November 13th. Source: Cointelegraph
Part of that integration includes linking user bank accounts to Coinbase Wallet, Pollack noted.
“We want people to move their savings, their spending, their investments up the chain, because it makes for better rates, better interest, better economic outcomes, better outcomes for traders, a faster, better, cheaper, more global economy that works for everyone.”
Bank Account Off-Ramp allows users to be paid in stablecoins such as USD Coin (USDC) or Tether (USDT), which can easily be converted into their currency, Pollack said.
While stable coin circular economies remain small, Polak believes that the “transformation” will happen quickly once merchants learn how to use cheap payments.
Close to solving the layer 2 interaction problem
Meanwhile, Pollack says Base is looking to resolve Ethereum's Layer 2 interoperability issue “in the next six months.”
While there are several cross-chain solutions between Ethereum mainnet and Ethereum Layer 2s, Base and other Ethereum Layer 2s are split.
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But he said the issue is being “rapidly resolved” with two important specifications, ERC-7683 and RIP-7755, which introduces the interoperability standard for cross-chain transfers.
“They basically work together to have a wallet that can run on every L2,” Pollack said. “No more all these scattered L2s. Instead, it becomes your wallet so you can work everywhere.”
I think in the next six months we'll get the callers.
A successful solution would allow token transfers between Base and other Ethereum layer 2 platforms like Arbitrum One, OP mainnet, and Blast — opening up more use cases in an ecosystem worth more than $42 billion, L2BEAT data shows.
From there, Base will expand to other Layer 1s so users can store their assets on Base and trade everywhere, Pollak said.
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