The United States’ largest crypto exchange, Coinbase (NASDAQ:COIN), has rolled out new set of features for its exchange, allowing users to experience DeFi, dApps, and a self-custodial wallet app.
Coinbase Expands into DeFi
In a recent blog post, Coinbase announced that the new set of features would initially be enabled for a select number of wallet app users who will be able to directly access Ethereum-based decentralized apps (dApps), such as Uniswap and OpenSea, from inside the Coinbase app.
The DeFi integration means that Coinbase users can now make swaps on decentralized exchanges (DEXs) and interact with decentralized finance (DeFi) lending protocols to borrow and lend funds.
According to Coinbase’s Director of Product Management Rishi Dean, eligible users will be able to trade on external non-fungible token (NFT) marketplaces. Coinbase launched its own NFT marketplace on April 20th.
Coinbase Turns to Self-Custody and Multichain
Alongside its mobile browser that provides access to dApps, Coinbase also launched a Web 3.0 identity and non-custodial dApp wallet for the Coinbase app.
Coinbase Pay, a streamlined fiat-to-crypto onramp, will also be integrated into Coinbase Wallet and MetaMask.
On the Flipside
- Coinbase experienced a bankruptcy scare this year as a result of the recent market downturn, and has since changed its tune on hiring.
Why You Should Care
The move by Coinbase has the potential to give a new wave of users the chance to explore the DeFi and NFT frontier.