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