Coinbase to Allow Some App Users to Access Ethereum-Based Dapps

Key Takeaways

  • The new feature will be made available in the United States on Android first to a limited subset of users.
  • The new in app features will be powered by Coinbase’s new dapp wallet and browser.

Coinbase Global to allow a part of its app users to access Ethereum-based decentralized apps directly from the Coinbase app, according to a blog post released on Monday. The new feature will help users explore dapps without having to manage a recovery phrase. “This innovative dapp wallet experience is powered by Multi-Party Computation (MPC) technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured,” the blog post reads.

The access to Ethereum-based decentralized apps will also help users purchase NFTs on various marketplaces, including OpenSea and Coinbase’s own NFT platform; borrow and lend through DeFi platforms, including Curve and Compound; and trade on decentralized exchanges such as Uniswap and Sushiswap. The new in-app features will be powered by Coinbase’s new dapp wallet and browser

The cryptocurrency exchange platform noted that it’s rolling out the new services and features in the United States on Android first to a limited subset of users, with plans to expand to all users and platforms soon. According to the blog post, to access the new features users should go to the new “Browser” tab in the navigation bar at the bottom of the Android mobile app screen and then set up their new dapp wallet. Once set up,users can use the Ethereum-based dapps directly in the new dapp browser of the Coinbase app.

Coinbase also notes that the launch is another step on its journey to 

enable everyone to seamlessly and safely participate in web3. Earlier this month, Coinbase made headlines when it announced a loss for the first quarter, with sales down 27% from a year earlier and short of projections. The largest cryptocurrency exchange platform in the US recorded a net loss of $430 million in the first quarter, or $1.98 per share, mainly owing to decreased revenue and active users.

Saniya Raahath
Saniya Raahath

Newsletter

Crypto News, NFTs and Market Updates

Can’t find what you’re looking for? Type below and hit enter!