Coinbase has added more services to its portfolio, especially shifting focus on more Web3 integration. In a latest development, the crypto exchange is rolling out the feature that allows users to access Ethereum-based dApps from within the Coinbase app. This would enable people to access NFT marketplaces and decentralised exchanges (DEX) via their trusted crypto app. This would in-return expose more people to see and experiment with Web3 apps, that boast of ‘decentralisation’, the independence from being controlled by multinational conglomerates.
A decentralised app (dApp) runs on a blockchain network. Instead of downloading dApps, users have to pay the dApp developer a particular amount of cryptocurrency to use dApps. Free from being governed by a single authority, dApps are becoming increasingly popular among the Web3 community.
Coinbase has launched its new dApp wallet and browser as part of its app interface, in order to facilitate users’ access to Web3 services via its own app.
“To get started, go to the new ‘Browse’ tab in the navigation bar at the bottom of the Android mobile app screen, and set up your new dApp wallet. Once set up, you can search, discover, and use Ethereum-based dapps directly in the new dapp browser of the Coinbase app,” Rishi Dean, Director of Product Management at Coinbase wrote in an official post.
Coinbase claims to have eradicated the issue of users having to explore dApps with managing recovery phases. The company’s new on-chain dApp wallet will be secured by its own teams and networks.
“This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your dApp wallet is still safe and Coinbase can assist in recovery through our live support,” the post added.
While the platform is looking to drive-in more public participation in the Web3 space, it is rolling out the feature to a small subset of Android users in the US first.
A wider roll out of the new features is slated for coming days.
The reason Coinbase is going bullish on Ethereum-based dApps is because those have turned out to be hefty revenue-churning tools in recent times.
As per the company’s data, the total value locked (TVL) of DeFi investments on the Ethereum blockchain has grown to over $110 billion (roughly Rs. 8,54,056 crore), while NFT sales have grown to over $30 billion (roughly Rs. 2,32,924 crore) in the last twelve months.
Last week during its earnings call, Coinbase revealed that it saw a 44 percent fall in its overall trading volume in the first quarter of 2022.
It does not come as a surprise that the platform is bringing newer services to cater to more users as per their requirements.
As one of world’s top crypto exchanges, Coinbase recently became the first company in the world to get a Bitcoin-backed loan from Goldman Sachs.