Coinbase Global, Inc. (NASDAQ: COIN) confirmed the debut of Web3 application functionality including a hot wallet and browser for a limited set of its mobile app users. Select users will be able to use the app to access Ethereum-based decentralized applications (DApps) like Uniswap and OpenSea.
the interest in web3 and dApps, such as NFTs, decentralized finance (DeFi), and decentralized autonomous organizations, has exploded in the last year (DAOs). In the previous twelve months (LTM), the total value locked (TVL) of DeFi investments on the Ethereum blockchain has risen to over 110 billion dollars, while NFT sales have increased to over 30 billion dollars.
This is the month’s second significant product launch. On May 4, the exchange debuted its long-awaited Coinbase NFT marketplace, which saw only $75,000 in sales volume from only 150 transactions on its first day. Coinbase’s increased wallet capability is encouraging for Web3 developers who may struggle to gain new users to showcase their work. According to Statista, the exchange has almost 90 million registered users.
Furthermore, users can now explore dApps without needing to remember a recovery word, thanks to today’s rollout. Multi-Party Computation (MPC) technology powers this novel dApps wallet experience, allowing you to have a separate on-chain wallet that Coinbase helps you secure. This is due to the way this wallet is set up, which enables you and Coinbase to share the ‘key.’ In the end, this means that even if you lose access to your smartphone, the key to your dApps wallet is safe, and Coinbase can help you recover it using our live service.
As per the company’s instructions, users can now set up a new dApps wallet by going to the new “Browser” tab in the navigation bar at the bottom of the Android mobile app screen. Once set up, users may utilize the Coinbase app’s new dApps browser to search for, discover, and use Ethereum-based dApps.
The company disclosed that it wants everyone to be able to engage in web3 smoothly and securely, and today’s debut is another step in that direction. It is launching the redesigned dApps wallet and browser experience in the United States on Android first, with plans to expand to other users and platforms shortly.