Coinbase Announces Web3 Capabilities to a Small Number of Users

05/18/2022By: C, Fiona

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Coinbase’s new DAPP wallet and browser features are only available to some Android users in the United States.

Coinbase announced to facilitate access to Ethereum based decentralized applications directly through coinbase applications.This update will enable eligible application users to buy NFT in the market, such as the recently launched coinbase NFT or opensea, trade on decentralized exchanges, and start borrowing, lending or exchanging through the defi platform (such as compound).

Web 3 on the Coinbase Application

As disclosed by Rishi Dean, product management director of coibase, coinbase’s new DAPP wallet and web 3 function on the browser are operated through multi-party computing  technology, enabling users to have a special wallet on the chain. If their equipment is lost, the key of DAPP wallet will be protected from any damage, and coinbase can assist in recovery.

Currently, the new DAPP wallet and browser experience are only available to some Android users in the United States, but the company plans to deploy the feature to all customers in the next few days. Dean said.

“We hope that everyone can participate in Web3 seamlessly and safely. Today’s release is another step in this journey. We will first launch the new DAPP wallet and browser experience to a small number of users on Android in the United States, and plan to expand to all users and platforms soon.”

Coinbase launched a beta version of its much anticipated NFT market last month. In its initial announcement, the exchange said that new products are not just “trading”, but its ultimate goal is to establish a “social participatory community around creators and collectors”.

Lackluster First Quarter Results

According to the recently released first quarter earnings report, coinbase seems to be struggling in the chaotic stage of the cryptocurrency market.

The exchange reported a net loss of $430 million, while revenue fell 35% year-on-year to $1.16 billion. Its already depressed shares plunged further below $100 a share. Today, coinbase’s coin shares opened at $61.7, down more than 9% from yesterday’s closing price.

Despite the company’s poor performance, CEO Brian Armstrong is optimistic about long-term technology. He assured clients that in the 10-Q disclosure document submitted to the securities and Exchange Commission (SEC), coinbase did not have the bankruptcy risk that some people were worried about. The disclosure was in response to the new rules of regulators.