America’s largest crypto exchange Coinbase has rolled out several Web3 products, including a decentralized app (DApp), decentralized finance (DeFi) wallet, and a browser for a select set of its mobile app users to a limited number of users.
Rishi Dean, Director of product management of Coinbase, said that entitled users would be able to begin trading on non-fungible token (NFT) marketplaces as they roll out the ability for a small set of Coinbase app users to access Ethereum-based dapps directly from the Coinbase app.
In a blog post, he explained: “This includes buying NFTs on marketplaces like Coinbase NFT and OpenSea, trading on Decentralized Exchanges like Uniswap and Sushiswap, and borrowing, lending, or swapping through DeFi platforms like Compound and Curve.”
In addition to the mobile browser that offers access to DApps, the Coinbase wallet will have a co-custodial setup that enables users to exchange funds. The private key of the wallet will be stored together by both the company and user.
“…DApp wallet experience is powered by Multi-Party Computation (MPC) technology that enables you to have a dedicated on-chain wallet that Coinbase helps you keep secured. This is due to the way this wallet is set up, which allows the ‘key’ to be split between you and Coinbase. Ultimately, this means if you lose access to your device, the key to your DApp wallet is still safe and Coinbase can assist in recovery through our live support,” the blogpost further read.
The wallet and DApp functionality are operated with multi-party computation (MPC) technology, which secures the privacy of senders and receivers while ensuring the accuracy of a transaction.
This is the second major product rollout by the company this month. The exchange launched its long-anticipated Coinbase NFT marketplace on May 4th, achieving a meager $75,000 in sales from just 150 transactions on its first day.
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