Coinbase is still looking for ways to improve. In a world where versatile wallet tools like Metamask have had enormous popularity among crypto users, interest in and investment in standalone wallets is growing. Of course, Coinbase, one of the most well-known names in the world of cryptocurrency exchanges, enters the picture.
Through a number of initiatives, the exchange has grown from providing simple exchange capabilities earlier this year. The platform’s list of supported tradable tokens is rapidly expanding, a new NFT marketplace has millions of users on the waiting list, and Coinbase is launching new initiatives to expand the Coinbase Wallet’s capabilities.
This Browser Isn’t Just for Browsing
Coinbase’s press release to start the week shared the company’s latest announcement: the Coinbase Wallet is now available as a full standalone browser extension, available on the Chrome webstore.
Back in May, the exchange debuted a downloadable browser extension. However, rather than having direct access, users were only permitted to link their wallets to the extension. This week’s update removes the mobile app from the equation, giving Wallet users streamlined access to all wallet capabilities, such as connections with NFTs, DeFi platforms, DEXes, and more.
Existing Wallet users can now uninstall WalletLink and download the standalone extension, which allows them to import existing self-custody Ethereum-based wallets or create new ones. While many blockchain platforms, such as the Terra ecosystem or many Tezos applications, will continue to require specific wallets, there is no doubt that Coinbase is looking to take market share from leaders like Metamask.
What Is Inside A (Coinbase) Wallet?
In the future, the exchange promises to “continue working to empower everyone to use dapps and web3 by building the easiest-to-use and most accessible self-custody wallet in the ecosystem.”
Self-custody has become a hot topic in cryptocurrency, as consumers weigh the reliance on emerging DeFi products against the old adage, “not your keys, not your coins.” As a result, many businesses have shifted their focus to potential opportunities with wallets. Square, led by Jack Dorsey, is reportedly developing a hardware wallet with self-custody capabilities. The priority features for these platforms are user interface, security, device compatibility, and multichain support – with room for improvement in comparison to the current landscape.
It’s very likely that the wallet landscape and experience will look very different in a year’s time than they do now.