Coinbase launches Web3 mobile DApp, DeFi wallet, browser

Crypto exchange Coinbase has launched several Web3 products including decentralised app (DApp), decentralised finance (DeFi) wallet and a browser for a select set of its mobile app users. 

These users can now get hands on DeFi and other DApps on Ethereum via the Coinbase app.

Web3 makes use of blockchain-based technologies to create a decentralised version of the web. Companies that desire to develop apps and Web3 platforms will require technology talent across industries including 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. 

Rishi Dean, Director of product management, Coinbase said that entitled users would be able to begin trading on non-fungible token (NFT) marketplaces. 

“Starting today, we’ll roll out the ability for a small set of Coinbase app users to access Ethereum-based dapps directly from the Coinbase app,” Dean said on a blogpost. 

“This includes buying NFTs on marketplaces like Coinbase NFT and OpenSea, trading on Decentralized Exchanges like Uniswap and Sushiswap, and borrowing, lending, or swapping through DeFi platforms like Compound and Curve,” Dean added. 

Along with the mobile browser that offers access to DApps, the Coinbase wallet will enable users to exchange funds. This implies that the private key of the wallet will be stored together by both the company and the user. 

“…DApp wallet experience is powered by Multi-Party Computation (MPC) technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured. This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your DApp wallet is still safe and Coinbase can assist in recovery through our live support,” the blogpost further read.

Coinbase launched its NFT marketplace on May 4 which achieved only $75,000 in its first day of sales from 150 transactions. Today’s launch is the second major launch this month.

Last week, Brian Armstrong, CEO of Coinbase said that the company disabled its Unified Payments Interface or UPI services just few days after its launch due to “informal pressure” from the Reserve Bank of India.

Despite Supreme Court’s clearance, The RBI has repeatedly challenged the use of crypto over the years, mentioning country’s financial stability as a concern.