Cryptocurrency exchange Coinbase’ mobile application now offers users the option to set up push notifications to alert them of price swings in the 22 cryptocurrencies it supports, according to a blog post by the company on June 20th.
You can now track prices in real-time with the Coinbase app. Learn how to set up automated alerts for your favorite cryptocurrencies supported on Coinbase here: https://t.co/eZTKiyGbwB pic.twitter.com/J7duuTnur1
— Coinbase (@coinbase) June 20, 2019
The post explained that the notifications are intended to eliminate users’ needs to check websites or manually check the app itself. The new feature will be part of the in-app news and asset information pages, and can be opted into or out of. Eventually, “we’ll expand price alerts to include assets not yet tradable on Coinbase,” the blog post said.
More time in-app?
There’s a good chance that the notifications will contribute to an increase in the amount of time that each user spends on the application–there is no longer a need to draw trading information from different sources.
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Indeed, “customers asked for real-time price alerts natively in the Coinbase app to address the inconvenience of having to check multiple sources for crypto market information,” a Coinbase representative explained to crypto news source CoinDesk.
“Real-time price alerts available natively in the Coinbase app streamlines access to information that helps customers make more informed investment decisions.”
A study by marketing research firm Localytics revealed that 52% of smartphone users enable push messaging on their mobile devices. Of those 52%, at least 15% of users completed the action that the push notification prompted them to do.
More options for customization
Coinbase’ notifications will only contain a short piece of information on price data–no prompts telling them to buy or sell. In fact, the blog post announcing the new feature said that “price alerts are provided for informational purposes only, and do not constitute a recommendation by Coinbase to buy, sell or hold any asset.”
However, the notifications could cause users to execute trades on the app more frequently–which could mean a sizeable increase in trading fee revenues for the company.
Previous to the announcement of the push notification feature, Coinbase created a feature called “watchlist,” which allowed users to customize their in-app “dashboards”: “click the star icon on any asset pages to indicate you’re interested in those cryptocurrencies, and your dashboard will feature key information about those assets on a new Following tab.”