Coinbase Now Releases Its Web3 Mobile Dapp, DeFi Wallet and Browser

May 17, 2022 - Around 2 mins mins to read

Coinbase Now Releases Its Web3 Mobile Dapp, DeFi wallet and Browser

This month, Coinbase is fast extending its product offerings, as certain customers may now use the Coinbase app to access DeFi and other Ethereum-based Dapps.

Coinbase, America’s largest cryptocurrency exchange, has released Web3 app functionality, which includes a hot wallet and browser, to a select group of its mobile app users.

Select users will be able to access decentralized apps (Dapps) on the Ethereum (ETH) network, such as Uniswap and OpenSea, using the app.

Today, we're starting to make it dramatically easier for users to access & engage in web3 right from the @coinbase app! ???? #NoMoreKeys #JustGettingStarted #KeepBuilding https://t.co/7K3lZ6kKAs
— Rishi Dean ????️ (@rishidean) May 16, 2022

Eligible users will be able to trade on NFT marketplaces, make swaps on DEX, and engage with DeFi lending protocols to borrow and lend cash, according to Coinbase’s Director of Product Management Rishi Dean’s statement on May 17.

Customers can use a hot wallet to swap funds in addition to the mobile browser that offers access to Dapps. The Coinbase hot wallet will be co-custodial, unlike decentralized hot wallet programs like MetaMask. This implies that the wallet’s private key will be kept by the firm and can also be kept by the user.

Multi-Party Computation (MPC) technology is used to operate the wallet and Dapp functionality, which protects the privacy of senders and recipients while maintaining transaction correctness.

Dean explained that sharing key custody is a security measure that protects consumers from device-related issues. “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,” he added.

Coinbase’s increased wallet functionality is encouraging for Web3 developers who may struggle to gain new users to showcase their work. According to Statista, the exchange has almost 90 million registered users.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Coinbase Now Releases Its Web3 Mobile Dapp, DeFi Wallet and Browser