With his app and his wallet, Coinbase follows a defi-first approach
With his app and his wallet, Coinbase follows a defi-first approach
- Coinbase is the most frequently downloaded wallet last year, said Surojit CHatterjee, Chief Product Officer
- MultiChain expansion for Coinbase Wallet is on the Roadmap
According to Chief Product Officer Surojit Chatterjee, the Cryptocurrency Exchange Coinbase introduces a number of new functions for your popular wallet app.
The product will concentrate on three priorities-API first, Defi first and self-storage first to accelerate the general introduction of Web3, said CHATTERJEE at the Permission Less Conference of Blockworks.
Together with other exchanges,Coinbase offers a decisive entry from Fiat to Krypto, but Chatterjee said that it remains too complicated for the average user to take part in self -storage and defi (decentralized finances). Coinbase aims to rationalize this process with the integration into Coinbase Wallet Pay the software development kit (sdk). The leading browser-based web3 wallet, Metamask from Consensys, will also take over Pay, he said.
About Pay can buy cryptoassets with Fiat and transfer them to the self-custody wallet of their choice in one step. The function will be available in the near future via a guest checkout process if you are not a coin base customer.
attack on web3 identity
Chatterjee said that the cumbersome use of long wallet addresses-the public key, which begins at Ethereum with 0x-remains an obstacle to the introduction. To reduce the complexity, the Coinbase Wallet enables a user to use an Ethereum Name Service (ENS) address free of charge.
In order to clear up data protection concerns, Coinbase suggests that you become a secure provider of know-your-customer verification (KYC) that can be passed on to DAPPS of third-party providers using the privacy of the user using zero-knowLEDGE-Proofs (ZKP). For this purpose, the Wallet developers enables access to an open ZKP-SDK that checking the required data-such as: B. should enable a minimum age - without revealing the specific details of a user.
A new focus on self-customer and multicia
The company also introduces a DAPP-Wallet for self-storage based on multi-party calculation (MPC), a cryptographic technology for the safe management of private keys, which is used in institutional custody solutions such as Fireblocks and Qredo.
By using a DAPP pocket, users can use defi apps such as compound and uniswap directly, without first having to withdraw cryptoassets from their coin base account into a self-cautious wallet. Similar functions offer mobile wallets from Argent and the browser -based wallets Defi Saver and Instadapp.
The Coinbase wallet is also preparing to support all blockchains that are compatible with the Ethereum Virtual Machine (EVM), as well as selected others, such as: B. Solana.
It is expected that the wallet is connected to the new NFT marketplace of Coinbase, but is able to interact with every NFT marketplace (not fungible tokens) so that users can aggregate their NFTS.
The new functions were introduced on Monday for a small group of US android users, further distribution will be expected shortly.
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The article Coinbase to take defi-first Approach with its app and wallet is not a financial advice.