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Coinbase Launches Web App to Unify User Crypto Experience

Coinbase launches a new web app for easy crypto management, streamlining assets like tokens, NFTs, and DeFi across multiple wallets.

Published by

Kelvin Munene Murithi

Published 11 Jul, 2024 | 06:01:46 PM UTC

Coinbase Launches Web App to Unify User Crypto Experience

Highlights

Coinbase's new web app unifies management of tokens, NFTs, and DeFi across 8 chains.
Over 2 million tokens tradeable directly from connected wallets via Coinbase's new app.
Coinbase joins VanEck Bitcoin Trust as custodian, securing assets primarily in cold storage.

Coinbase has introduced a new web application that is intended to enhance the user experience by offering a single interface for managing multiple cryptocurrencies.

Coinbase Launches Web App to Unify User Crypto Experience

In a blog post on Thursday, Coinbase announced that it will soon launch a new web app that will enable users to manage their digital assets, tokens, NFTs, and DeFi positions. This initiative seeks to improve the user experience by allowing the integration of several wallets within one platform.

The web app is part of Coinbase’s broader strategy to onboard all of its approximately 100 million users onto the blockchain.

According to Sid Coelho-Prabhu, the Senior Director of Product Management at Coinbase, user feedback was the main inspiration for the new app. As for the reason behind the creation of the hub, Coelho-Prabhu noted:

“We received feedback that users wanted a simple way to manage their assets and view their portfolio on the blockchain.”

Comprehensive On-Chain Management

The new Coinbase Wallet web app also enables users to link several wallets and present the overall balance of the users’ cryptocurrencies. This covers tokens, NFTs, and DeFi assets and positions on chains like Bitcoin, Solana, and Ethereum and other linked networks. The app’s interface is designed to eliminate the need for managing multiple wallets and platforms by providing the user with a single, comprehensive view of their on-chain assets.

Users can trade more than 2mln tokens across 8 chains with any wallet connected to the application. Also, the web app has a cohesive connection with the Coinbase smart wallets that include options like gasless transaction on certain mints and the capability to spend directly from a Coinbase account on-chain via MagicSpend.

The Coinbase Wallet web app also has features for creators, allowing them to create NFTs right on the platform and distribute them to their followers. This feature is useful as it returns control to the creators and allows them to have more ways of earning money. Consequently, the app’s approach is to centralize all current on-chain products in one application, aspects of which have been seen in Coinbase NFT.

Regulatory Advocacy

At the same time, Coinbase remains an active supporter of the need for better regulation in the digital asset market. The company has submitted an amicus brief in the case of Lejilex Exchange and the Crypto Freedom Alliance of Texas against the U.S. Securities and Exchange Commission (SEC).

Paul Grewal, Coinbase’s CLO, stressed that more clarity on the legal framework is required in the digital asset market for the industry to thrive and users to be safeguarded.

Concurrently, as part of its ongoing efforts to enhance security and user experience, Coinbase has also been named an additional custodian for VanEck’s Bitcoin Trust, which involves holding the Bitcoin primarily in cold storage to protect against cyber threats.

Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Published by

Kelvin Munene Murithi

Published 11 Jul, 2024 | 06:01:46 PM

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