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Coinbase is looking to bolster its global presence, announcing it will focus on launching new products âin most countries by defaultâ moving forward, including a crypto app store.
Top U.S.-based centralized crypto exchange, Coinbase, has announced plans to launch a crypto app store offering third-party developed products.
A June 30 blog post penned by Coinbase CEO Brian Armstrong revealed its plans for an app store, stating that while âthe crypto economy is still in its early stages, [...] it is clear that every year more and more economic activity will take place on crypto rails.â
âApple didnât attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps. We need to do the same in crypto.â
Armstrong estimated there is now â[tens] of billions of dollars of economic activity running on DApps."
The post also emphasized Coinbaseâs commitment to expanding the number of crypto assets it supports and increasing the speed of new listings, announcing plans to reduce its legal review for prospective listings and launch an ââexperimental zoneâ for new assets.â
The legal review process will be reduced from 70 questions to 12.
While noting that many assets may not meet Coinbaseâs criteria to be listed for trading due to regulatory reasons, the exchange believes it can provide basic wallet functionality such as custody and transfer services for âmost assets.â
The exchange also states the Coinbase app will soon support âany app built on decentralized crypto rails,â suggesting the exchangeâs users may soon be able to interact with the burgeoning DeFi ecosystem through Coinbaseâs application.
Armstrong also highlighted Coinbaseâs desire to become a âglobalâ company. While the post characterizes Coinbase as currently focusing on delivering its products within âa narrow set of regions,â the exchange hopes to launch new products âin most countries by defaultâ moving forward.
Related: Germanyâs financial watchdog approves crypto custody license for Coinbase
Coinbaseâs new plans come as regulators are increasingly taking aim at globally operating crypto exchanges, with the United Kingdomâs Financial Conduct Authority ordering Binance to cease all âregulated activitiesâ in the jurisdiction.
Responding to a broader crypto crackdown in China, Huobi banned Chinese users from accessing its derivatives products, in addition to retail traders from the U.K.
In April, the financial regulator of the Canadian province of Ontario accused Bybit and Kucoin of violating local securities laws, with Bybit also coming under fire from Japanâs Financial Services Agency the following month.
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