Coinbase co-founder Fred Ehrsam says that the company's new app is another tool that allows people to more easily spend bitcoin.
"This was one more step in our mission to make bitcoin easier to use. Now that I have the iOS app, I use it to pay back my friends when I'm out and about since it's so much easier than other ways to do it," he said.
Coinbase has full US bank integration with bitcoin. Users can easily get verified with a bank account and phone number, then it is possible to move money in and out of BTC, and can have fiat in their bank account within a few days.
The Coinbase mobile app launch is just one of a number of announcements from the company in the past few months.
Ehrsam says one of Coinbase's big advantages is that it has special incentives to encourage its users to spend as well as introduce new people to the idea of bitcoin.
"Every time you send someone new bitcoin and they end up buying or selling at least one bitcoin, you each get $5, so it turns the app into a great way to introduce new people to bitcoin," he explained.
Coinbase has raised over $6m in Series A funding this year from a group of investors that include Union Square Ventures, Ribbit Capital and others. Since its founding two years ago, it has gone through the Y Combinator incubator program to now being a six-person company located in San Francisco.
In addition to consumer-based bitcoin services, Coinbase's payment processing API is being used for a number of established companies and startups like Gliph.
What do you think about Coinbase's new app? Have you tried it yet? Let us know in the comments.
Featured Image Source: Coinbase Blog
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.