Coinbase Will Focus On Crypto Wallets, NFTs And Cloud Services To Accelerate Web3 Adoption

Key Points:

• Coinbase will focus on accelerating Web3 adoption.
• Coinbase Cloud is building for web3 developers.

Coinbase recently posted on its official website that it will act as a “bridge to Web3” for customers. Therefore, Coinbase will focus on Web3 development by “enhancing” key building blocks, including improving the security of proprietary crypto wallets.

As for wallets, the platform said earlier this year it announced cb.id, a subdomain system built in partnership with ENS that allows for human-readable addresses at absolutely zero cost.

Cb.id makes it easier for anyone to send and receive cryptocurrency. Instead of having to copy and paste long strings of letters and numbers, you can send crypto just by entering your username. In the first six months, more than 1.3 million cb.id usernames were requested without the user paying any fees.

It also said it will focus on NFT as a vehicle to drive crypto adoption, including giving users access to every major NFT market in an in-app browser and viewing offers. NFT offers directly on it website.

Additionally, Coinbase revealed that it is using cloud-based service Coinbase Cloud to help developers create Web3 infrastructure, with the goal of helping Web3 developers build a better, more secure Internet. and decentralized.

“We recently launched our web3 developer platform with the roll out of Ethereum Node. shortly after, we announced Goerli testnet support and a Scale Plan for Node that makes it affordable for projects that need more requests.”

The announcement wrote

As for DeFi, the platform is committed to growing the overall stablecoin ecosystem and empowering the DeFi community and its users. As updated in an earlier Coincu News article, the MakerDAO community recently approved a Coinbase proposal that would allow them to earn rewards from holding USDC in their coffers. The platform anticipates that the additional revenue MakerDAO will earn from their USDC holdings will further their mission of creating a financial system built on decentralized rails.

Coinbase has finally confirmed that it believes in a better future on-chain and will continue to work on building bridges with web3.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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