News

Coinbase app to allow direct access to Web3 and DeFi applications

Updated: Jul 25, 2024

Published: May 17, 2022

The biggest crypto exchange in the United States, Coinbase, has confirmed in a recent blog post that it plans to expand its product offerings and will allow access to Defi and Web 3.0 applications on Ethereum through the official application of the exchange. Users will be able to access these applications with the need to manage a recovery phrase.

Coinbase app goes big

As per the Coinbase blog, the new Dapp wallet is powered by Multi-Party Computation (MPC) technology, 'a solution which requires a "threshold" of at least two cooperating participants to produce a signature; and which removes the problem of trusting a single entity.' Users will have a dedicated on-chain wallet to protect their investments.

"To get started, go to the new "Browser" tab in the navigation bar at the bottom of the Android mobile app screen and set up your new Dapp wallet. Once set up, you can search, discover, and use Ethereum-based Dapps directly in the new Dapp browser of the Coinbase app."

Coinbase is rolling out the new Dapp wallet and browser experience only in the United States for now, and additionally, only a handful number of Android users will be able to experience the same. Eligible users can start trading and swapping on Dapps as per Coinbase's director of product management Rishi Dean.

Unexpected loss

Coinbase has reported an unexpected loss as per the Q1 earnings report revealed by the firm. The CEO of the exchange, Brain Armstrong, expressed optimism and said that there are many users "beating a path to our door." The exchange confirmed a revenue of $1.165 billion, a year-on-year decrease of 27.05%, and a month-on-month decrease of 53.2. Furthermore, it was revealed that the total of the crypto exchange amounted to around $430 million. This loss can also be attributed to the fact that the market is in a state of extreme fear.

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