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Coinbase unveils new application with Web3 functionalities

TL;DR Breakdown
  • Coinbase launches new app with Web3 functions
  • The application houses a co-custodial wallet
  • Coinbase records a loss in its Q4 revenue

Coinbase is looking to further its dominance in the crypto market after unveiling a new application that houses standard Web3 functions. According to a statement from the crypto company, the new application will include a wallet and an in-built browser for some of its users. The application will enable users to choose which dApps they intend to use in Ethereum, with options to use Uniswap, among other platforms open to users.

Coinbase wallet will be co-custodial

According to a statement by an executive in the product management department of the company, users who qualify to be able to use the app can start trading NFTs, among other functions. Other features include leveraging basic activities in the decentralized finance sector. Besides having an embedded browser, Coinbase says the application will provide users with a wallet to make their transactions seamless.

However, the company has pointed out that it will be a co-custodial wallet instead of a non-custodial. This means that the private keys to the wallet will be in the confines of both Coinbase and the user compared to other platforms that give it mainly to their users. The application also has a multi-party computation functionality to ensure that senders and receivers will be anonymous. However, the functionality will also ensure that the transactions carried out are fast and accurate.

The exchanges’ Q4 revenue takes a beating

In a statement by the product executive, Rishi Dean, enabling a co-custodial wallet ensures that users do not suffer from issues related to their devices acting up. He mentioned that when a user loses his keys, the company can provide the one in its confines to the user upon verification of the account. The new feature adopted by Coinbase will help companies who intend to attract new users find ease in onboarding them.

According to a recent update by statistics company, Statista, Coinbase now houses more than 90 million users. The company has been working on different specs in the market since the start of the year. This new update comes on the back of the Coinbase NFT marketplace that was floated earlier this month. However, the company posted a less than impressive on the first day of offering the service, with just about $75,000 recorded. The company is also struggling on the general front after posting a loss since it went public last year. The company saw its monthly users cut by 2 million to round up the fourth quarter of 2021, while its revenue dropped to $1.1 billion.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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