In a company blog post published this week, major crypto exchange Coinbase has shared that it is working on a crypto app store. The app store will be created for third-party developers to help increase access to the “decentralized crypto economy,” culminated with an ever-increasing number of tools within DeFi, NFT, smart contracts, DAO, and more.
Coinbase: Embracing Decentralization
The blog post, written by CEO Brian Armstrong and titled “Embrace Decentralization at Coinbase,” alludes to inspiration from the Apple Store. “Apple did not try to create all iPhone applications, but rather empowered developers and provided mobile users with an easy way to access innovative new applications. We have to do the same with cryptocurrencies, “says the publication. The release also sets out growth opportunities and the importance of being global as two other pillars around increasing added value for Coinbase consumers.
“The use cases are here,” says Armstrong, and rightly so. Cryptocurrency-based assets beyond simple tokens have exploded this year, including NFTs with associated physical and tangible assets, built-in dApps, and sports and entertainment ‘fan tokens’, to name just a few examples.
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There is no set schedule for the launch of the app store yet. The Nasdaq-listed company also noted the importance of adding more assets to Coinbase, as well as implementing the ability to add new currencies at a faster rate. Armstrong noted that security and legal compliance analysis remains critical, he wants to streamline the asset investigation process to make it faster to serve clients on both ends. They will do so by addressing three main groups: reducing the burden on asset issuers, creating a new “hotbed” for new assets, and essentially moving toward approval of most assets for store / send / receive.
Plus, while the firm serves consumers in more than 100 countries, Armstrong wants more. You mentioned the need to “move from shipping products that only ship to the US (or UK / EU) to shipping products that work globally.” While US, UK and EU regulations have generated a good chunk of the workload for Coinbase, the company wants to continue the shift towards an “international priority mindset.”
Finally, Coinbase wants to better embrace third-party interfaces and self-custody, and ideally the new app store can help achieve this. “Soon, any application built on decentralized crypto rails will be accessible to users of the Coinbase application,” Armstrong writes, adding that customer wallets and identities should have streamlined integration. “In the future, you will have the option of self-custody of your crypto, directly in the main Coinbase application.” More to come from one of the top leading exchanges.
During the recent bearish cycle, the broader cryptoeconomy has continued to grow - and Coinbase is looking to dig in deeper. | Source: CRYPTOCAP on TradingView.com
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