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Coinbase Says It’s Focusing on Digital Wallet, NFTs and More To Accelerate Crypto and Web3 Adoption

Coinbase, the largest cryptocurrency exchange in the United States, has stated that it is focusing on accelerating the adoption of crypto assets and Web3 protocols.

The second-largest digital asset exchange in the world says in a new company blog post that its goal is to “serve as the bridge” to Web3 for its customers by “supercharging” the key building blocks.

First, Coinbase says it will focus on improving the security of its proprietary crypto wallet because bad actors have recently been airdropping tokens into user wallets in an attempt to lure them into websites that would jeopardise their security.

“We recently announced the Coinbase Wallet DApp [decentralised application] blocklist and spam token management tools… Coinbase Wallet hides malicious assets from your home screen and allows you to report suspicious tokens that appear in your wallet.”

Following that, the crypto exchange giant says it will focus on non-fungible tokens (NFTs) to increase crypto adoption. Coinbase intends to improve users’ access to NFT marketplaces as well as development tools, according to the blog post.

“At Coinbase, our strategy is to handle all Web3 tooling so that creators can focus on what they do best: community building… You can also use the in-app browser to access every major NFT marketplace and directly view offers on your NFTs.”

Coinbase says it is also using its cloud-based services to assist developers in building the Web3 infrastructure.

“By making it simple for developers to create decentralised applications, incredible experiences, games, and social networks in Web3, we can give more people access to the economic freedom that Web3 offers…

Coinbase Cloud’s goal is to assist Web3 developers in creating a better, more secure, and decentralised internet.”

Finally, the cryptocurrency exchange says it is focusing on institutional adoption, citing blue-chip investors’ growing interest in decentralised finance (DeFi), crypto staking, NFTs, and governance protocols.

“We’re seeing an increase in demand from institutions for features and functionality to access and interact with Web3 and DeFi, and we’re building to meet that demand.”

 

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.