Exchange company Coinbase Global, Inc. has introduced multiple Web3 products, including a decentralized app (DApp), decentralized finance (DeFi) wallet, and a browser for a restricted group of its mobile app customers.
For a select group of Coinbase mobile app customers, Web3 application functionality, including a hot wallet and browser, has been rolled out. These users will be able to use the app to access Ethereum-based DApps like Uniswap and OpenSea.
Web3 is a decentralized version of the internet that uses blockchain-based technologies. Blockchain developers, machine learning specialists, app developers, front-end and back-end developers, user interface (UI) and user experience (UX) designers, data analytics professionals, and content writers are all needed by companies that want to develop apps and Web3 platforms.
Eligible users will be able to trade on nonfungible token (NFT) marketplaces, make swaps on decentralized exchanges (DEXs), and interact with DeFi lending protocols to borrow and lend funds, according to Coinbase’s director of product management Rishi Dean’s announcement on May 17.
Along with the mobile browser that provides access to DApps, there is a hot wallet that customers can use to exchange funds, he said. Unlike some decentralized hot wallet apps, the Coinbase hot wallet will come with a co-custodial setup.
Dean stated that sharing custody of the keys is a security feature designed to protect users from device-related problems. This means that the private key for the wallet will be stored by the company and can be personally stored by the user, the director stated.
The wallet and DApp functionality are operated with multi-party computation (MPC) technology, which secures the privacy of senders and receivers while ensuring the accuracy of a transaction.
Coinbase’s expanded wallet functionality is promising for Web3 developers who may find it difficult to onboard new users to show off their work. The exchange boasts about 90 million registered users, according to Statista, the statistics portal for market data.
This is the second major Web3 product rollout this month. The exchange launched its long-awaited Coinbase NFT marketplace on May 4 to a showing of $75,000 in sales volume from 150 transactions on its first day.
(Photo/ Credit: Nadezda Murmakova )
