Crypto exchanges are a dime a dozen nowadays. At the same time, many U.S. crypto investors are chomping at the bit, ready to dive in headfirst. As such, it’s important for exchanges to stand out and build name recognition. And with the government continuing to roll out crypto policies, even more investors will be joining in. They’re likely to choose a platform they recognize. To that end, Coinbase (NASDAQ:COIN) has been great at building its brand. But it’s not stopping at being the most widely recognized. Rather, it wants to onboard more users by making its platform the easiest to use, too. A new product launch is doing just that — and greatly benefitting COIN stock.
Coinbase has had a huge last year for itself. Most notably, it sent shockwaves through Wall Street when it listed on the Nasdaq last April. The public debut marked the first time ever that a crypto exchange stock wound up on the traditional stock market. To this day, COIN remains the premier publicly traded exchange stock, allowing users to both trade and own the exchange itself — a rare opportunity.
Furthermore, Coinbase continues to build name recognition with U.S. users. February saw the most widespread discussion of the company in the States thus far, The company’s polarizing Super Bowl ad, with its minimalist, bouncing QR code approach, became one of the most popular commercial spots of the evening.
Still, although COIN could bask in the success of its advertising campaign, it’s not slowing down on making itself the most approachable venue for crypto investing.
Coinbase Pay Launch Helps to Bolster COIN Stock Prices
Right now, Coinbase is making moves to draw in new investors. Given the technical knowledge required to trade crypto, new users can feel pushed away from the space. A logical step for the company, then, is simplifying the process. The new Coinbase Pay launch is doing just that — and to great effect for COIN stock.
Coinbase Pay is a browser extension which streamlines the process of adding funds to one’s wallet. This then facilitates more convenient crypto transactions for users. This morning, a blog post from the company announced the new service. In the post, Coinbase reflected on the difficult nature of funding and using a crypto wallet. The company called wallet management “a cumbersome process that involves multiple steps, switching between apps, and manual transfers.” Now, Coinbase Pay is a simple solution, allowing users to automate the process and reduce fund management to just a few clicks.
This new product allows U.S. investors to link their debit cards or bank accounts with their Coinbase profiles. The Pay service then bridges centralized banking with its own platform. Ultimately, it hopes to make moving funds between the two easier than ever. Users need only their crypto wallet address to facilitate transactions through pay. The company calls the service a huge step for more widespread adoption of Web 3.0 technology.
As Coinbase Pay begins to roll out for users, COIN stock is seeing a great benefit from the news. Currently, the stock is up more than 9% today, bringing shares to around $171.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.