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Coinbase Redesigns Mobile Wallet to Add Dapp Browser
The changes may help boost activity and revenue on the crypto exchange as its fees come under pressure from rivals.
Updated May 11, 2023, 6:52 p.m. Published Jun 22, 2022, 5:00 p.m.
Crypto exchange Coinbase (COIN) has redesigned its mobile wallet to add a browser that makes it easier for users to search for decentralized finance (DeFi) protocols, non-fungible tokens (NFTs) and games and transact on the company's system.
The top decentralized apps (dapp) are suggested in the browser's homepage, allowing users to perform token swaps in a couple of clicks, according to a demo shared on Coinbase Wallet's Twitter account Tuesday. Many of the new features are already present in Coinbase's web browser extensions.
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Coinbase may be hoping that by improving access to these areas, users who haven't explored those applications will be tempted to do so, boosting the company's transaction revenue in the process.
The news comes the same day that Binance.US said it is cutting fees on bitcoin trading to zero with plans to extend this to other tokens in the future, a move Coinbase may be forced to match. Coinbase shares fells around 3% following the announcement. Encouraging more transactions in other areas of the crypto universe might help counter any lost fee revenue.
Among other changes, the search function adds auto-complete, bookmarking and tabs to help make the experience of exploring dapps on the wallet more user friendly. The functionality recreates the kind of experience customers are used to when using regular web browsers.
Coinbase also extended its support for the Solana network, adding the facility to send, receive and store SOL and Solana program library (SPL) tokens. Users will no longer need separate wallet apps for multichain activity across DeFi, NFTs and so on.
The exchange's peers are also aiming to address integration. Robinhood (HOOD), for example, announced last month that it planned to roll out a DeFi-focused crypto wallet by the end of the year.
The Coinbase wallet will begin roll out today with more users getting access in the coming weeks, the company said in a release.
Read more: GameStop Unveils Crypto and NFT Wallet, Shares Jump 3%
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