![]() What’s New?Īs it currently stands, users can access lending protocols like Compound and dYdX directly through Coinbase Wallet. You may recall the Maker Coinbase Earn campaign which rewarded users in Dai for opening a CDP directly through the mobile wallet. įor those unfamiliar with Coinbase Wallet, it’s the non-custodial mobile wallet built by Coinbase to further promote the core tenants of sovereignty and data privacy. We’re making it even easier to earn interest with DeFi apps by integrating them into the Wallet experience.Ĭompare different rates, make easy deposits and view your balances on a simple, unified dashboard. ![]() ![]() Today, Coinbase Wallet built on that notion by unveiling a new interface in their mobile wallet. However, as we attempt to cross the chasm and reach a new audience of users, it’s paramount that we build bridges for intuitive mobile experiences. Subscribe to Blockworks’ free newsletter now.When it comes to interfacing with DeFi, many have come to learn that browser-based applications tend to be the standard for many new projects. Get the day’s top crypto nws and insights delivered to your inbox every evening. This story was updated on May 17, 2022, at 13:41 pm ET. The new features began rolling out to a small set of US Android users Monday, with wider distribution expected soon. The wallet is expected to connect to Coinbase’s new NFT marketplace, but be able to interact with any NFT (non-fungible token) marketplace, allowing users to aggregate their NFTs. The Coinbase wallet is also gearing up to support all blockchains compatible with the Ethereum Virtual Machine (EVM), as well as select others, such as Solana. Similar features are offered by mobile wallets from Argent and browser-based wallets DeFi Saver and InstaDapp. The company is also rolling out a self-custodial dApp wallet based on multi-party computation (MPC), a cryptographic technique for secure private key management used in institutional grade custodial solutions from the likes of Fireblocks and Qredo.īy using a dApp wallet, users will be able to interact with DeFi apps such as Compound and Uniswap directly, without first needing to withdraw cryptoassets from their Coinbase account to a self-custody wallet. A new focus on self-custody and multichain To do that, the wallet will let developers access an open ZKP SDK, which should provide verification for required data - such as meeting a minimum age requirement - without revealing a user’s specific details. To alleviate privacy concerns, Coinbase proposes to become a secure provider of know your customer (KYC) verification, which can be passed on to third-party dApps while maintaining user privacy, using zero-knowledge proofs (ZKP). ENS is just one of several services Coinbase plans to integrate, a spokesperson told Blockworks, to address problems around Web3 identity. To reduce complexity, the Coinbase Wallet will allow a user to claim an Ethereum Name Service (ENS) address for free. Tackling Web3 identityĬhatterjee said that the cumbersome use of long wallet addresses - the public key which, on Ethereum, begins with 0x - remains a barrier to adoption. The feature will serve users even if they are not a Coinbase customer via a guest checkout process in the near future. Via Pay, users will be able to buy cryptoassets with fiat and transfer them to the self-custody wallet of their choice in one step. The leading browser-based Web3 wallet, Consensys’ Metamask, will also adopt Pay, he said. Coinbase aims to streamline that process with the integration in Coinbase Wallet of its Pay software development kit (SDK). The product will focus on three priorities - API first, DeFi first, and self-custody first, aimed at accelerating the mainstream adoption of Web3, Chatterjee said at Blockworks’ Permissionless conference.Ĭoinbase, along with other exchanges, provides a crucial fiat-to-crypto on-ramp, but Chatterjee said it remains too complicated for the average user to participate in self-custody and DeFi (decentralized finance). Multichain expansion for Coinbase wallet is on the roadmapĬryptocurrency exchange Coinbase is rolling out a suite of new features for its popular wallet app, according to Chief Product Officer Surojit Chatterjee.Coinbase is the most downloaded wallet over the past year, said Surojit Chatterjee, chief product officer.
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