By Nathan Ferguson
According to a statement made by the cryptocurrency exchange, Coinbase, the firm is looking to provide its users with new opportunity to gain access to DApps and the Ethereum Network.
Connection to DApps and Ethereum Network
Recently, globally recognized, and operated cryptocurrency exchange, Coinbase stated that they are introducing a newly developed wallet and browser regarding decentralized applications (DApps) with support of connection with the Ethereum network. Coinbase said that these new features will enable users to have an easier way of purchasing digital collectibles, perform trading of various cryptocurrencies on decentralized exchanges and contributing their role in decentralized finance (DeFi).
As mentioned by Coinbase, the new wallet and browser will be available for use inside of the official Coinbase application, however at initial stage, the application will only be available for some users in the United States. As for platform availability, the new features will only be supported on the Android version of the application, with support for more platforms in the works.
Coinbase specifically stated that they will be allowing a minimal number of users of the Coinbase application to gain access to Ethereum powered DApps. Those few users will also have the chance to purchase non-fungible tokens (NFTs) via popular NFT purchasing platforms such as, OpenSea and Coinbase’s own Coinbase NFT, perform trading on multiple popular decentralized exchanges like, SushiSwap and can also access platforms such as, Compound to borrow, lend or swap crypto.
New Data Security Feature
Coinbase is also introducing a new and useful feature on their application, which is focused on recovering of data in case a user lost the device in which the application was installed. Coinbase mentioned about a new Multi-Party-Computation system that lets users have a dedicated on-chain wallet, helping the data be always in a secure state.
As for the how that works, the key used to access the wallet will be shared between Coinbase and the user, so in case a user lost the device, the key can still be recovered by contacting active support facility provided by the exchange.
Coinbase believes that the popularity and interest levels for DApps and Web3 has grown to unimaginable levels. In support of this claim, Coinbase highlights that the total valuation of Ethereum powered DeFi protocols has managed to exceed an impressive $110Billion, with the sale of NFTs also reaching more than $30Billion since the middle of last year.