Coinbase Expands List of Wallet App Features to Take DeFi-First Approach

United States’ largest crypto exchange Coinbase has rolled out new sets of features for the exchange allowing users to experience DeFi, dApp, and self-custodial wallet app.

The United States’ largest crypto exchange, Coinbase, 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.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Milko Trajcevski

Milko Trajcevski is a DailyCoin news reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs). Location: Skopje, Macedonia