Coinbase has announced its upcoming launch of a new web application designed to provide users with a single platform to view and manage their entire cryptocurrency exposure, including tokens, NFTs, and DeFi positions.
This initiative aims to optimize the user experience and integrate various functionalities into a cohesive interface.
Coinbase Launches Web App to Unify Cryptocurrency User Experience
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
On Thursday (July 11), Coinbase revealed plans for a new web app that will allow users to comprehensively manage their digital assets.
The app is designed to integrate multiple wallets, allowing users to view and manage their entire portfolio, including tokens, NFTs, and DeFi holdings, across different blockchains such as Bitcoin, Solana, and Ethereum.
This move, by the way, is part of Coinbase’s broader strategy to bring approximately 100 million users into the blockchain world .
Sid Coelho-Prabhu, Senior Director of Product Management at Coinbase, stated that user feedback drove the development of this web application. He said:
“This is a big step in that direction. A user that we send to this portal will have a very easy way to set up a wallet, if they have multiple wallets they can set that up as well.”
Application is to make on-chain activities more accessible
According to Coelho-Prabhu, users needed a simplified way to manage their assets and view their blockchain asset portfolios. He emphasized that the goal of the app is to make on-chain activities more accessible and user-friendly.
Notably, the new Coinbase Wallet web app offers a variety of features designed to improve the user experience.
Users can connect multiple wallets and view their overall cryptocurrency balance in one place. According to a tweet from Coinbase, the app supports trading of 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 reportedly has features like gas-free transactions at certain mints and the ability to spend directly from a Coinbase account on-chain via MagicSpend.
Additionally, the app also includes features that allow creators to create and distribute NFTs directly on the platform. 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, becoming a “one-stop” destination for all blockchain-related activities.
Regulatory advocacy and safety improvements
As Coinbase launches new features, it continues to advocate for better regulation in the digital asset market. The company has filed an amicus brief in the case of Lejilex Exchange and the Crypto Freedom Alliance of Texas v. the U.S. Securities and Exchange Commission (SEC).
Coinbase has also been named an additional custodian for VanEck’s Bitcoin Trust, highlighting its continued efforts to improve security and user experience.
This role involves keeping Bitcoin primarily in cold storage to protect against cyber threats. In doing so, it reinforces Coinbase’s commitment to providing secure and reliable services.
Notably, this “unique” app is a step by Coinbase to make blockchain technology more accessible and manageable for both experienced and novice users.
Likewise, this move comes after Bybit surpassed Coinbase to become the second-largest exchange by volume after Binance, according to a report by cryptocurrency research firm Kaiko.
This growth comes as Binance’s dominance has fallen from 60% to 54%, with Bybit benefiting from the rise in Bitcoin (BTC) and Ethereum (ETH) trading. They now account for 53% of its market share, compared to Binance’s 43%.
In June 2023, the SEC sued Coinbase and Binance for securities violations, with Binance facing a landmark $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. However, this figure is slightly below the average growth rate of other major exchanges.
