Coinbase expands its Web3 services with a mobile DApp, browser and Hot Wallet

With the addition of new features to the Coinbase app, users can now access DeFi and other Ethereum-based DApps.

May 18, 2022
by Anvi Saini
Coinbase expands its Web3 services with a mobile DApp, browser and Hot Wallet
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Coinbase announced the launch of its Ethereum DApp wallet and DApp browser on May 17th. The wallet will enable users to buy NFTs (Non-Fungible Tokens) on marketplaces, trade them on decentralised exchanges like Uniswap, as well as borrow, lend or swap them through DeFi platforms such as Compound and Curve.

The app will first provide access to Ethereum-based Decentralized Applications (DApps) to a limited number of users. The new wallet can be used to exchange funds in addition to the mobile browser that gives connectivity to DApps. The Coinbase hot wallet will use a co-custodial setup, which means that the company will store the wallet's private key and the user can store it personally.

According to Rishi Dean, director of product management at Coinbase, sharing custody of the keys is a security measure aimed at safeguarding consumers from device-related difficulties. He continued :

“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.”

Furthermore, the crypto-exchange platform plans to launch a guest payment feature in the coming months.

Surojit Chatterjee, chief product officer at Coinbase, said :

"We are also creating an open-source trust layer to enable zero-knowledge attestations, users will be able to prove legitimacy through any app through verifiable credentials, and as a DApp you can determine who can use the product with the help of credentials.

The wallet and DApp use multi-party computation (MPC) technology to protect the privacy of senders and receivers while maintaining transaction accuracy.

Disclaimer: The information provided on this page do not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Individuals should do their own research before taking any actions related to the product they read about and carry full responsibility for their decisions.
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