The Coinbase app will have access to Web3

Coinbase provided the ability for a small set of Coinbase app users to access Ethereum-based dapps directly from the Coinbase app.

Coinbase, an American company that manages a cryptocurrency exchange platform, speaks in its blog about the new features of the Coinbase app. Now the app has dApp wallet and dApp browser.

A small group of app users who have gained access to new features will now be able to buy NFTs on marketplaces like Coinbase NFT and OpenSea, trading on Decentralized Exchanges like Uniswap and Sushiswap, and borrowing, lending, or swapping through DeFi platforms like Compound and Curve. At the same time, users will not need to go beyond the Coinbase app.

Also, a new feature was introduced. Thanks to Multi-Party Computing (MPC) technology, users will be able to use dapps without having to manage a recovery phrase. The technology allows the user to have a dedicated on-chain wallet that Coinbase helps to keep secured.

«This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your dapp wallet is still safe and Coinbase can assist in recovery through our live support.»

In order to use different decentralized applications, you will only need to open the dapp browser and find what you need in it. Thus, the Coinbase app will combine many useful services for which you previously had to leave the application.

Due to the recent fail with gyen, user confidence in Coinbase has decreased. Especially for those who have lost money. Therefore, it remains to be seen that this time Coinbase will do everything smoothly.

So far, the new features are available in test mode only for a small group of US users with Android devices. But, the developers plan to make the new features wide spread soon. We continue to observe.