Coinbase cryptocurrency exchange launches an easy to remember, human-readable addresses for users to send cryptocurrencies to the Coinbase Wallet. The San Francisco-based exchange launched short human-friendly addresses usable to receive funds on its official wallet instead of the popular hexadecimal addresses. Coinbase will also integrate the Ethereum Name Service (ENS) addresses, according to a blog post on February 25, 2020.
Coinbase Launches Human-Readable Addresses
Per the blog post, Coinbase has launched short human-readable addresses on the Coinbase Wallet. In this case, users can take advantage of their Coinbase Wallet usernames such as @walletfan to receive cryptocurrencies. As such, instead of issuing the traditional hexadecimal address format, they can fall back on plain text.
Therefore, Coinbase Wallet users only need to give their Wallet’s username to a sender, and the sent funds will be credited to their Wallet automatically. Also, this same username can receive other virtual assets the Wallet supports. These assets include Bitcoin, Ethereum, Bitcoin Cash, Litecoin, Ethereum Classic, etc. The same applies to all ERC20 tokens. However, users of the Coinbase Wallet can optionally hide their usernames if they choose to.
Also, the exchange is integrating Ethereum Name Service (ENS) addresses on Coinbase Wallet. ENS can send funds to .eth addresses. Here, users will purchase their .eth addresses and they can send or receive tokens to these addresses.
High Demand for Easier Means of Facilitating Payments
According to the San Francisco-based exchange, the need to introduce readable addresses stems from several complaints from its customers. These users had noted that hexadecimal crypto addresses are difficult to deal with. In line with that, users were sometimes uncertain if the right address had been copied and inputted. Consequently, associating human-readable words solves these problems.
“We believe these improvements will make cryptocurrency much easier to use and help drive adoption with a more mainstream audience. Users can now easily send money to friends and business partners as they do with traditional payment apps, albeit globally and in crypto,” Coinbase added.
What’s more, the cryptocurrency exchange outlined that it has improved upon the feature it began last year on the Coinbase app and Wallet app. At the time, the platform enabled users to link their Coinbase account to the Wallet app. As such, they could send funds to the Wallet. But now, with the new features implemented, users can send funds to and from different wallets on the platform much easier.