Coinbase Says It’s Focusing on Digital Wallet, NFTs and More to Accelerate Crypto and Web3 Adoption
Top US-based crypto exchange Coinbase says it is focusing on accelerating the adoption of cryptoassets and Web3 protocols.
In a new company blog post, the second-largest digital asset exchange in the world says it aims to “serve as the bridge” to Web3 for its clients by “supercharging” its key building blocks.
First, Coinbase says it will focus on upgrading the security of its proprietary crypto wallet, as bad actors have recently sent tokens to user wallets, attempting to lure them into websites that would compromise their security.
“We recently announced DApp [decentralized application] blocklist and spam token management tool for Coinbase Wallet… Coinbase Wallet hides assets from your home screen that are known to be malicious and gives you the ability to report suspicious tokens that appear in your wallet.”
Next, the crypto exchange giant says it will focus on non-fungible tokens (NFTs) as a means of promoting crypto adoption. According to the blog post, Coinbase plans to strengthen users’ access to NFT marketplaces as well as development tools.
“Our strategy at Coinbase is to take care of all the Web3 tools, so creators can focus on what they do best: building communities… You can also access all major NFT marketplaces in the browser within the app. [and] see live quotes on your NFTs.”
Coinbase says it is also using its cloud-based services to help developers create the Web3 infrastructure.
“If we can make it easy for developers to build decentralized applications, incredible experiences, games and social networks in Web3, we can give more people access to the economic freedom that Web3 brings…
The goal of Coinbase Cloud is to help Web3 developers build a better, more secure and decentralized internet.”
Finally, the crypto exchange says it is focusing on institutional adoption, saying blue-chip investors are increasingly interested in decentralized finance (DeFi), crypto-stakes, NFTs and governance protocols.
“We’re seeing more demand from institutions for features and functionality to access and interact with Web3 and DeFi, and we’re building to meet those demands.”
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