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In a company blog post released this week, major crypto exchange Coinbase has shared that it is working on a crypto app store. The app store will be built for third-party developers to help increase access to the âdecentralized cryptoeconomyâ â culminated by an increasing amount of tools within DeFi, NFTs, smart contracts, DAOs, and more.
Coinbase: Embracing Decentralization
The blog post, written by CEO Brian Armstrong and titled âEmbracing decentralization at Coinbaseâ, alludes to inspiration from Appleâs Storefront. 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 the post states. The release also states growth opportunities, and the importance of being global as two other pillars around increasing the value-add for Coinbase consumers.
âThe use cases are here,â claims Armstrong â and rightfully so. Crypto-based assets beyond simple tokens have been on a tear this year, including NFTs with physical and tangible associated assets, integrated dApps, and sports and entertainment âfan tokensâ to name just a few examples.
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Looking Forward
There is no timetable set yet for the app storeâs launch. The Nasdaq-listed company also noted the importance of adding more assets to Coinbase, as well as implement the ability to add new coins at a faster clip. Armstrong noted that legal and security compliance analyzation remains critical, he wants to streamline the asset vetting process to be quicker to serve clients on both ends. They will do so by addressing three major buckets: reducing the burden on asset issuers, creating a new âexperimental zoneâ for new assets, and at itâs core, moving towards approving most assets for store/send/receive.
Additionally, while the firm serves consumers across over 100 countries, Armstrong wants more. He has cited the need âto move from shipping products that cater only to the US (or UK / EU) to shipping products that work globally.â While US, UK, and EU regulations have led to a good chunk of workload for Coinbase, the firm wants to continue the shift towards a more âInternational-first mindsetâ.
Finally, Coinbase wants to better embrace third-party interfaces and self-custody â and ideally the new app store can help achieve that. âSoon any app built on decentralized crypto rails will be accessible to users of the Coinbase app,â Armstrong writes, adding that customer wallets and identities should have streamlined integration. âIn the future you will have the option to do self-custody of your crypto, right in the main Coinbase appâ. More to come from one of the major leading exchanges.
During the recent bearish cycle, the broader cryptoeconomy has continued to grow - and Coinbase is looking to dig in deeper. | Source: CRYPTOCAP on TradingView.com
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Featured image from Pixabay, Charts from TradingView.com
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