Coinbase launches roadmap for entry into the metaverse

The leading US cryptocurrency exchange, Coinbase, has announced that it is developing a roadmap for developing metaverse-related projects.

As the company revealed, its goal is to develop an “identity entry” into the metaverse. The announcement was made in a new post on the platform’s blog. The text was signed by the CEO of Coinbase, Brian Armstrong, and Alex Reeve, leader of the company’s identity product.

According to Armstrong and Reeve, on-ramp development is driving Coinbase’s work with the ETH Name Service (ENS), a blockchain-based identity protocol aimed at smart contracts.

THE ENS allows the creation of username NFTs that can be linked to ETH addresses and web domains. In practical terms, this makes wallet addresses significantly less complicated.

For executives, people must use ENS to carry a unique ID in different virtual worlds in the metaverse. That way, they can unify their avatars in one place.

Coinbase listed the ENS governance token last month.

Metaverse

In addition, the exchange revealed that it has other plans to help strengthen its identity in the metaverse.

“We are also working on technology that will allow you to purchase your avatar, define and maintain your public profile, and establish trust,” the company said.

The idea is to work with a system like MetaMask that Coinbase calls Sign in with. The solution allows users to log in to all Metaverse applications using just one credential.

According to the company, the action is not just about expanding the business or making money:

“It’s about building a critical piece of the Metaverse ecosystem. It’s about helping cryptocurrencies grow the right way.”

Finally, Coinbase said it is undeniable that the metaverse will dominate the future of social relations. Therefore, the focus of new developers should be on network interoperability.

“We know that the Metaverse will exist. And we know it will be a series of interconnected virtual worlds. Our goal is to make it easy for anyone to establish their identity and gain access to these worlds in a simple, reliable and decentralized way. If we are successful, this will allow Metaverse to reach its full potential and be free and open to everyone”, they concluded.