Coinbase Wallet, a leading cryptocurrency wallet, has announced the launch of a new instant messaging feature that enables users to send encrypted messages to one another. Leveraging the Extensible Message Transport Protocol (XMTP), this feature ensures secure and private communication within the Ethereum community.
The introduction of this innovative messaging capability aims to address fraud concerns and reduce dependency on external platforms for crypto-related conversations.
Enhanced Communication and Security with XMTP
Users of Coinbase Wallet can now enjoy seamless and direct messaging capabilities using their Ethereum identities. This recent development, shared in a blog post on July 12, brings the power of XMTP to the Coinbase platform. The Extensible Message Transport Protocol, already utilized by the decentralized social media network Lens, facilitates efficient communication through blockchain addresses.
To initiate the instant messaging feature, select wallet users can utilize their cb.id, .eth, or Lens usernames. Coinbase has initiated a phased rollout, initially providing access to users who scan a QR code or own Lens profiles.
Subsequently, all users will gain access to this feature. Coinbase Wallet’s messaging system ensures end-to-end encryption, guaranteeing the utmost privacy. Furthermore, users have the freedom to block specific addresses to manage their incoming messages.
Additionally, Coinbase cites its commitment to reducing fraud within the cryptocurrency community as one of the primary motivations behind introducing this messaging feature. By enabling direct messaging to wallet addresses, users no longer need to rely on separate platforms where Web3 identities may be unverifiable.
This direct communication channel helps eliminate unnecessary risks and potential losses associated with fraudulent activities.
Transitioning from Traditional Platforms and Future Prospects
Popular chat apps in the crypto space, such as Twitter, Discord, and Telegram, currently lack the capability to verify Web3 identities. Coinbase Wallet’s introduction of XMTP-powered messaging fills this crucial gap, providing a reliable and authenticated communication avenue for crypto enthusiasts. This shift offers users a seamless transition and encourages the adoption of XMTP-compatible applications.
Coinbase further emphasizes the importance of decentralization when discussing the messaging protocol’s benefits. In the event of Coinbase discontinuing its wallet service or ceasing to exist, users can retain their XMTP chat histories. These chat histories remain accessible through other XMTP apps, including Lenster or OrbApp, providing uninterrupted connectivity for users.
Coinbase further states that the company is actively working toward a phased decentralization of the XMTP network, further reinforcing its commitment to a decentralized future.
XMTP: A Protocol for Developers’ Choice
Shane Mac, co-founder of XMTP, clarifies that XMTP itself is not an instant messaging or social media application. Instead, it functions as a protocol that various applications, such as Coinbase Wallet and Lens, can leverage. This approach allows users to choose their preferred application without compromising their identities or chat histories.
By fostering interoperability and empowering developers, XMTP envisions a decentralized network that avoids closed ecosystems.