• With the integration of DeFi Apps, Coinbase hopes to gain broader adoption

  • Coinbase has hinted at the possibility of integrating decentralized finance (DeFi) apps on its platform. The crypto exchange had previously expressed interest in the space and has previously supported various DeFi protocol tokens. However, this would be the first time the exchange has considered bringing decentralized finance services to the platform.

    Coinbase, with approximately 73 million registered users, would open up the market to a much broader range of investors. During a Citi event on Monday, the Chief Financial Officer mentioned the plans. According to CFO Alesia Haas, the crypto exchange is looking to expand its offerings to include the rapidly growing DeFi space.

    Introducing Crypto As An App

    During the event, Haas mentioned Coinbase’s move into offering a cryptocurrency as a platform for app development. This, he believes, is what will allow the crypto exchange to serve the broader crypto ecosystem. Coinbase appears to be determined to make new market inroads, just as it did when it became the first publicly traded crypto exchange.

    According to Haas, the plan was to include third-party DeFi apps within the main product offering, giving users the option of using the Coinbase product or a third-party app. Both would exist on the same platform but operate differently in this manner.

    “We plan to eventually service third-party apps inside our main product, so we’ll be agnostic whether a customer chooses a Coinbase product or a third-party DeFi product,” Haas explained. “We want to find and introduce the best product for our customers.”

    The integration of third-party DeFi apps by Coinbase would enable a meeting point of the centralized and the decentralized.

    Creating a DeFi Bridge

    Coinbase intends to build a bridge to the DeFi market. Trust is still an important factor when interacting with DeFi protocols, but with a trusted name like Coinbase providing a bridge to these protocols, investors will be more inclined to participate in the space, facilitating greater adoption in the future. Coinbase believes it can “bring billions of users to DeFi” by creating an easy-to-use product that bridges the DeFi space, adding that “we believe Coinbase and DeFi can and will successfully grow and coexist.”

    Haas did not provide a timetable for when this could occur. The CFO’s comments, on the other hand, demonstrate how committed the crypto exchange is to the project.

    “As a cryptocurrency as an app platform, we will assist DeFi in two ways. One, through Coinbase Cloud, we’re developing tools to help the ecosystem’s builders. We believe that this opportunity will grow in the future because more and more businesses will want to offer crypto services to their end customers.”

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