O3 Labs, the Japan-based NEO development team responsible for the O3 Wallet, has released version 3.0 of its desktop wallet. The update includes enhanced Coinbase integration, offering secure management of users’ Coinbase accounts through the O3 Wallet. The “O3 Swap” service has also been updated to allow direct, one-button exchange of NEO-USDC, NEO-BTC, and NEO-ETH.
Coinbase Connect and Banking Integration
The improved integration of Coinbase Connect gives O3 users with a Coinbase account an easier way to directly buy and sell NEO from a connected bank account. The O3 Swap service allows buyers a way to bypass the high fees that are historically associated with credit card purchases of cryptocurrency.
In addition, the O3 Swap integration also allows NEO holders a simplified fiat off-ramp. Coinbase offers free two-way conversion of USD Coin (USDC) to USD alongside free USD withdrawals to bank accounts. Due to these services, the exchange rates that O3/Coinbase users are quoted in O3 Swap represent the amounts that they will actually receive. At press time, O3 Swap’s fees for exchanging 100 NEO into USD held in a bank account were under 3 percent.
Additionally, O3 has included automatic support for multiple addresses for different assets used in the O3 Pay dAPI. Multiple address support provides O3 Pay accounts with enhanced privacy, as individuals that an O3 user requests payments from won’t be able to look up the O3 user’s entire transaction history.
O3’s integration of Coinbase Connect also takes advantage of Coinbase’s custodial solutions to offer free off-chain USD and cryptocurrency settlement between Coinbase users. Because custody of all assets on Coinbase is held by the exchange itself and not its users, off-chain transfers can be done between Coinbase accounts instantly and without cost.
The O3 team commented:
“While [we] do believe in self custody, and try to encourage as many people to hold their assets in a wallet in which only they have full access to the private key, this reality is that many are still used to how traditional centralized financial account systems work.”
Lastly, O3 has brought its support desk to the desktop wallet itself. Links to O3’s community forum are joined by an email support service and a “Help” button as available resources for users who need assistance or have questions about O3 software.
O3’s full version 3.0 announcement can be viewed at the following link: