Coinbase has announced the upcoming launch of a new web app designed to provide users with a single platform for viewing and managing their entire crypto exposure, including tokens, NFTs, and DeFi positions.
Meet the new Coinbase Wallet web app.
All of your crypto. All of your wallets. All in one place.
Your new home for everything onchain.
→ https://t.co/fQKwk1nr2W pic.twitter.com/3dQrcmA359
— Coinbase Wallet 🛡️ (@CoinbaseWallet) July 11, 2024
This initiative aims to streamline the user experience and integrate various functionalities into one cohesive interface.
Coinbase Launches Web App to Unify User Crypto Experience
On Thursday, Coinbase revealed plans for a new web app allowing users to manage their digital assets comprehensively.
The application is designed to integrate multiple wallets, enabling users to view and manage their entire portfolio, including tokens, NFTs, and DeFi positions, across different blockchains like Bitcoin, Solana, and Ethereum.
This move is part of Coinbase’s broader strategy to bring approximately 100 million users onto the blockchain.
Sid Coelho-Prabhu, Coinbase’s Senior Director of Product Management, stated that user feedback drove the development of this web app. He said,
“This is one big step in that direction. A user that we send to this portal is going to have a really easy way to set up a wallet, if they have multiple wallets they can configure that as well.”
According to Coelho-Prabhu, users needed a simplified way to manage their assets and view their portfolios on the blockchain. He emphasized that the app’s goal is to make on-chain activities more accessible and user-friendly.
Notably, the new Coinbase Wallet web app offers a range of features designed to enhance the user experience.
Users can connect multiple wallets and view their overall cryptocurrency balance in one place. According to a Coinbase tweet, the app supports trading over 2 million tokens across eight chains, providing a seamless trading experience with any connected wallet.
Additionally, the app is integrated with Coinbase smart wallets, and is said to have features such as gasless transactions on certain mints and the capability to spend directly from a Coinbase account on-chain via MagicSpend.
Furthermore, the app also includes features that allow the creation and distribution of NFTs directly on the platform for creators.
This functionality will empower creators by giving them more control and additional avenues for monetization.
According to Coinbase, the app aims to centralize all current on-chain products, making it a “one-stop” destination for all blockchain-related activities.
Regulatory Advocacy and Security Enhancements
While launching new features, Coinbase continues to advocate for better regulation in the digital asset market.
The company has submitted an amicus brief in the case of Lejilex Exchange and the Crypto Freedom Alliance of Texas against the U.S. Securities and Exchange Commission (SEC).
Coinbase has also been named an additional custodian for VanEck’s Bitcoin Trust, highlighting its ongoing efforts to enhance security and the user experience.
This role involves holding Bitcoin primarily in cold storage to protect against cyber threats, reinforcing Coinbase’s commitment to providing secure and reliable services.
Notably, this “one-stop’ app is a step by Coinbase towards making blockchain technology more accessible and manageable for seasoned and novice users.
Relatedly, this move comes after Bybit overtook Coinbase to become the second-largest exchange by volume after Binance, according to a report from crypto research firm Kaiko.
This growth comes as Binance’s dominance declined from 60% to 54%, with Bybit benefiting from increased Bitcoin (BTC) and Ethereum (ETH) trading. These now account for 53% of its market share, compared to 43% on Binance.
In June 2023, the SEC sued Coinbase and Binance for securities violations, with Binance facing a historic $4.3 billion settlement for Anti-Money Laundering violations.
Despite these legal challenges, Coinbase also reported significant growth, with a 193% increase in trading volumes, slightly trailing the average growth rate of other major exchanges.
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