Coinbase Says It’s Focusing on Digital Wallets, NFTs, and More to Accelerate Cryptocurrency and Web3 Adoption

Major US-based cryptocurrency exchange Coinbase says it is focusing on accelerating the adoption of crypto assets and Web3 protocols.

In a new company blog post, the world’s second-largest digital asset exchange says its goal is to “act as a bridge” to Web3 for its customers by “overloading” key building blocks.

First, Coinbase says it will focus on upgrading the security of its proprietary crypto wallet as bad actors have recently sent tokens into users’ wallets, attempting to lure them to websites that would compromise their security.

“We recently announced the DApp [decentralized application] spam and blocklist token management tools for Coinbase Wallet… Coinbase Wallet hides assets known to be malicious from your home screen and gives you the ability to report suspicious tokens that appear in your wallet.”

Next, the cryptocurrency exchange giant says it will focus on non-fungible tokens (NFTs) as a means to boost cryptocurrency adoption. According to the blog post, Coinbase plans to strengthen user access to NFT marketplaces and developer tools.

“Our strategy at Coinbase is to take care of all Web3 tools, so creators can focus on what they do best – building a community… You can also access all the major NFT marketplaces in the in-browser… app [and] directly view the offers on your NFTs.

Coinbase says it is also using its cloud-based services to help developers build Web3 infrastructure.

“If we can make it easy for developers to build decentralized applications, amazing experiences, games and social networks in Web3, we can give more people access to the economic freedom that Web3 offers…

Coinbase Cloud’s goal is to help Web3 developers build a better, more secure and decentralized internet.”

Finally, the cryptocurrency exchange says it has a focus on institutional adoption, saying that blue-chip investors are becoming increasingly interested in decentralized finance (DeFi), crypto staking, NFTs and governance protocols.

“We are seeing increased demand from institutions for features and functionality to access and interact with Web3 and DeFi, and we are building to meet those needs.”

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Presentation image: Shutterstock/Panchuali

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