Coinbase has disclosed the imminent introduction of a new web application that offers users a unified platform for managing and visualizing their entire crypto exposure, encompassing tokens, NFTs, and DeFi positions.
The objective of this initiative is to simplify the user experience and incorporate a variety of functionalities into a single, cohesive interface.
Coinbase Launches Web App to Unify User Crypto Experience
Coinbase announced on Thursday that it intends to develop a new web application that will enable users to administer their digital assets comprehensively.
The application is intended to facilitate the integration of multiple wallets, allowing users to monitor and manage their entire portfolio, which includes tokens, NFTs, and DeFi positions, across various blockchains such as Ethereum, Solana, and Bitcoin.
This action is a component of Coinbase’s overarching strategy to attract approximately 100 million consumers to the blockchain.
According to Sid Coelho-Prabhu, Senior Director of Product Management at Coinbase, the development of this web application was influenced by user feedback. He stated,
“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.”
Coelho-Prabhu posits that users require a straightforward method of managing their assets and viewing their portfolios on the blockchain. He underscored that the application aims to enhance the accessibility and user-friendliness of on-chain activities.
It is important to note that the new Coinbase Wallet web app provides various features intended to improve the user experience.
Users can observe their cryptocurrency balance in a single location by connecting multiple wallets. The app offers a seamless trading experience with any connected wallet, supporting trading over 2 million tokens across eight platforms, as a tweet from Coinbase indicates.
Furthermore, the application is compatible with Coinbase intelligent wallets. It offers features such as spending directly from a Coinbase account on-chain via MagicSpend and gasless transactions on specific mints.
Additionally, the application comprises capabilities that enable creators to generate and distribute NFTs directly on the platform.
This feature will provide creators with a greater degree of autonomy and additional monetization opportunities.
As stated by Coinbase, the app’s objective is to consolidate all current on-chain products, thereby establishing it as a “one-stop” destination for all blockchain-related activities.
Security Improvements and Regulatory Advocacy
Coinbase remains committed to advocating for enhanced regulation of the digital asset market as it introduces new features.
The company has submitted an amicus brief in the action against the U.S. Securities and Exchange Commission (SEC) by the Crypto Freedom Alliance of Texas and Lejilex Exchange.
Additionally, Coinbase has been designated as an additional custodian for VanEck’s Bitcoin Trust, underscoring its ongoing endeavors to improve the user experience and security.
This position entails the primary storage of Bitcoin in cold storage to safeguard against cyber threats, thereby demonstrating Coinbase’s dedication to delivering secure and dependable services.
It is important to note that this “one-stop” application is a measure Coinbase took to increase the accessibility and manageability of blockchain technology for both experienced and novice users.
In a related vein, this development transpired after Bybit surpassed Coinbase to become the second-largest exchange by volume, following Binance, as indicated by a report from crypto research firm Kaiko.
Binance’s dominance has decreased from 60% to 54%, resulting in this development. Bybit has benefited from the increased trading of Bitcoin (BTC) and Ethereum (ETH). These constitute 53% of its market share, as opposed to 43% on Binance.
In June 2023, the Securities and Exchange Commission (SEC) filed lawsuits against Coinbase and Binance for securities violations. Binance is confronting a historic $4.3 billion settlement for anti-money laundering violations.
Despite these legal challenges, Coinbase reported substantial growth, with a 193% increase in trading volumes. This growth rate barely lags behind the average growth rate of other major exchanges.
