The largest cryptocurrency exchange in the United States, Coinbase, has rolled out web3 app features, including a wallet and browser, to a limited number of its mobile app users.
Coinbase introduces new Web3 features
In a statement on its site, Coinbase explains that the application will allow certain users to access decentralized applications (DApps) such as Uniswap and OpenSea on the Ethereum network, and to borrow, lend or trade through DeFi platforms like Compound and Curve.
The new Ethereum-based wallet and DApp browser will be directly accessible from the Coinbase app and will initially be available to a limited number of users in the United States. The DApp wallet and browser will also be available on Android mobile devices.
The wallet and DApp functionality work with MPC technology (multiparty computing), which guarantees the privacy of senders and receivers while ensuring transaction accuracy.
Rishi Dean, managing director of products, said shared key storage is a security feature designed to protect users from device – related issues. He writes: ” This means that if you lose access to your device, your DApp wallet key is still safe and Coinbase can help with the recovery through our live support.. »
A point that could upset most cryptocurrency purists, given how the saying goes ” not your keys, not your crypto “. However, it is true that thepurseas Trust or Metamask is not for everyone, as if you lose yourseed phraseIt’s finished.
We can also read on the blog how we can access this new hot wallet, “To get started, go to the new “Browser” 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 Coinbase Browser App. »
Coinbase’s extended wallet functionality is promised to Web3 developers who may be struggling to get new users on board to showcase their work. The exchange has about 90 million registered users, according to Statista. Goldman Sachs even announced that it was launching its bitcoin loans thanks to Coinbase.
This is the second major product launch this month. On May 4, the exchange launched its long-awaited Coinbase NFT market, with a sales volume of just $ 75,000 for 150 first-day trades. In fact, on May 3, the counter showed 737 users on the NFT platform, a significantly low number.
Coinbase is not in a very good state at the moment, the trend is decentralized and its stock is falling in part due to the current crisis. However, it is very positive to see Coinbase bringing Web 3.0 tools, even if not fully decentralized, to the general public to better understand the benefits of these new tools.
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Passionate about geopolitics, economy, cryptocurrency, Eurasia and travel! (as far east as possible), crypto-trader for 4 years.