Here’s what the world’s second-largest exchange has planned to do to accelerate the adoption of the new industry.
The largest cryptocurrency exchange in the United States published a blog post on December 21. Coinbase’s plan to conquer the markets in the midst of the bear market is not to be taken lightly. In fact, the recent blog post published by the crypto exchange confirms that it is actively preparing to carry out this project.
Coinbase also indicated in a tweet that it is “working on building the bridge to web3.” The regulated DEX aims to accelerate the adoption of cryptos and Web3 protocols through concrete actions.
Succeed in Serving as a Bridge to Web3
Coinbase wants to start by improving the security of its crypto wallet. In this regard, it explained the following:
“We have invested heavily in Coinbase Wallet because there is no Web3 without self-custody. Over the past five years, Coinbase Wallet has been the most downloaded self-custody mobile wallet and browser dApps in the United States.”
Three more tweets by Coinbase offer more details:
“We want to drown out the noise, and bring focus back to our long-term strategy. Here are some recent highlights that demonstrate our commitment to building for this space.”
“Coinbase is serving as the bridge to web3. And providing our customers seamless access to the entire cryptoeconomy.”
“We’re supercharging key building blocks for web3 including the self-custody wallet, NFTs, developer tools, and tech advancements such as MPC.”
Other Actions Implemented by Coinbase
The exchange cited one of the actions it is already implementing to be more secure with its wallet. “Coinbase Wallet hides known-malicious assets from your home screen and gives you the ability to report suspicious tokens appearing in your wallet,” it claimed.
This feature was implemented to prevent scammers from luring users to malicious websites. To achieve their goal, malicious actors often deposit tokens in users’ wallets. At the same time, Coinbase plans to offer spam token management tools for its wallet. The launch of a dApp block list is also planned.
Additionally, Coinbase wants to “enable easy participation in Web3 via NFTs.” Furthermore, the exchange stated the following:
“If we can make it easier for developers to build decentralized apps, amazing experiences, games, and social media on Web3, we can give more people access to the economic freedom that Web3 offers.”
To accelerate crypto and Web3 adoption, Coinbase also plans to target institutions. The crypto exchange recognizes that these blue-chip investors are becoming more interested in the sector. In particular, they want to get into DeFi, crypto gambling, and NFTs.
“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 demands,” Coinbase added.
By Audy Castaneda
