The innovative web tool that Coinbase has announced will soon be launched with the goal of simplifying the handling of digital assets. With this new platform, users will be able to manage all of their cryptocurrency holdings—tokens, NFTs, and DeFi positions—in a single, integrated interface. The action is a component of Coinbase’s larger plan to improve user experience and simplify access to different blockchain features.
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
A One Unified Digital Asset Platform
Coinbase announced its plans for the new web app on Thursday. It will allow customers to fully control their digital assets. With the option to use multiple wallets, users will be enabled to monitor and manage their portfolios across many blockchains, including Ethereum, Solana, and Bitcoin. The objective is to combine diverse functionalities into a unified platform, hence augmenting user efficiency and convenience.
Coinbase’s Senior Director of Product Management, Sid Coelho-Prabhu, stressed that user feedback was the main factor in the development of this app. “This is a significant step toward that goal. When a user visits this webpage, setting up a wallet will be quite simple for them, and if they have numerous wallets, they can configure each one separately, according to Coelho-Prabhu. The app addresses the demand for a more straightforward method of managing digital assets by making on-chain activities more accessible and user-friendly.
New Features and an Improved User Interface
A number of features are available in the recently released Coinbase Wallet web app to improve user experience. Users can examine their total cryptocurrency balance in one location by connecting several wallets. A Coinbase tweet claims that the app offers a smooth trading experience with any linked wallet, supporting the trade of over 2 million tokens over eight networks.
With features like gasless transactions on some mints and the option to spend money straight from a Coinbase account on-chain using MagicSpend, the app interfaces with Coinbase smart wallets. The software also has features that give producers additional control and new revenue streams by enabling them to mint and distribute NFTs directly on the platform.
Regulatory Promotion and Strengthening of Security
Coinbase continues to push for further regulation of the digital asset industry even as it introduces new capabilities. In the legal dispute between Lejilex Exchange the Crypto Freedom Alliance of Texas and the U.S. Securities and Exchange Commission (SEC), the company has filed an amicus brief.
Coinbase has demonstrated its dedication to security by being designated as an extra custodian for VanEck’s Bitcoin Trust. In order to defend against cyberattacks, this function mostly entails keeping Bitcoin in cold storage, underscoring Coinbase’s commitment to offering dependable and secure services.
With the release of this feature-rich app, Coinbase has taken a big step in improving blockchain technology’s usability and accessibility for both experienced and inexperienced users.
Market expansion and the competitive environment
This development takes place in a market that is very competitive. Crypto research firm Kaiko revealed that Bybit had surpassed Coinbase to become the second-largest exchange by volume after Binance. While Bybit gained from increasing trading in Bitcoin (BTC) and Ethereum (ETH), which currently account for 53% of its market share as opposed to 43% on Binance, Binance’s market share fell from 60% to 54%.
The SEC filed lawsuits against Coinbase and Binance in June 2023 for securities violations. Binance was forced to pay a record $4.3 billion in settlement for anti-money laundering offences. Coinbase claimed strong growth despite these legal difficulties, with a 193% increase in trading volumes, only marginally outpacing the average growth rate of other large exchanges.