By
Steve Muchoki
April 25th, 2024
With this move, Coinbase attempts to capture a larger market share from competitors like MetaMask.
After releasing a downloadable browser extension in May this year, Coinbase is back with another impressive functionality. Through a press release published on their blog, Coinbase confirmed its extension wallet now being a full standalone browser extension. In its pursuit of extending capabilities and upscaling, this is definitely a masterstroke as it will exploit the hot and in-news topic of self-custody wallets. The extension is available on the Chrome store.
How Is It Different from the May Release?
The extension released in May brought Coinbase Wallet on the users’ laptops and desktops, which made it easier for them to access decentralized finance and apps. However, as it was linked to their existing Coinbase wallet, it necessitated confirmation of the transactions initiated on the desktop on the user’s mobile apps. It still required the wallet mobile app to be functional. However, that changes with this standalone browser extension.
The customers of Coinbase can now directly access dApps, invest in cryptocurrencies, trade on several DEXes i.e. decentralized exchanges, gather NFTs, and earn interest. Isn’t it just wonderful? Unlock the door to the massive crypto world in just a matter of minutes without needing to access an external account.
This new extension can be used by both new and existing Coinbase Waller users. The press release gives detailed instructions on how the different parties can get started with the extension. Right from importing existing wallets like MetaMask and creating a new one to importing the wallet from WalletLink through a recovery phrase, Coinbase has tapped into all the different groups of users it can amass. And all of this without the need to have a Coinbase account. The goal is to empower all crypto enthusiasts to access dApps and Web3 with Coinbase’s highly accessible and user-friendly self-custody wallet.
Why is the Stand-alone Wallet Functionality Strategic for Coinbase?
2021 has been a great time for all things crypto and with the massive penetration of the digital ecosystem all over the globe, new technologies and security, as well as accessibility, become all the more important. Self-custody wallets that are used to store crypto and other digital assets enable highly secure transactions through the use of private and public keys which are generated through specific algorithms.
In recent times they have become very famous especially with respect to decentralized finance and NFT trading. As you are the sole owner of your wallet with full access to it at all times, transactions are easier and secure. Also with growing hacks on centralized exchanges and increasing Defi abuse, self-custody wallets have seemed to become a requirement. Coinbase is one of the largest crypto exchanges and therefore has a loyal customer base. With new functionalities coming up every quarter, the company is trying hard to appeal to both new and existing users. Last week it announced its new subscription model, some time back it announced it will soon add an NFT marketplace to its platform. The exchange is also continuously adding to its list of supported tradable tokens. These are strategic moves that will improve and increase their customer base thereby generating more revenue over the months.