Coinbase Updates and Redesigns Mobile Wallet to Add Dapp Browser to Stay Ahead of Competition

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Popular cryptocurrency exchange Coinbase (COIN) has redesigned its mobile wallet to include a browser that can search for decentralized finance (DeFi) protocols, games, NFTs, and transact on the company’s system. With this new upgrade, top decentralized apps (Dapp) are suggested on the browser’s homepage, giving users the opportunity to perform token swaps via a couple of clicks. A demo released by Coinbase Wallet’s Twitter address on Tuesday told users that the new features are already available on Coinbase’s web browser extensions.

Adding this new feature may help Coinbase increase its revenue and company transactions as users who are yet to explore DeFi protocols and other crypto aspects, might be tempted to do so due to the access they now have. This news came on the same day that Coinbase’s competitor Binance.US, announced that the exchange would be cutting the fees on Bitcoin (BTC) trading to zero. Binance also revealed that they would soon extend this plan to other tokens. After Binance’s announcement, Coinbase shares were down by about 3%. This new feature might help Coinbase counter any lost revenue due to the announcements.

Users can experience the functionality that derives from other web browsers. The search function on the Dapp browser has features like bookmarking, auto-complete, and tabs to help make exploring dapps more user-friendly. Also, Coinbase extended its support to the Solana ecosystem by adding the facility to send, receive and store Solana program library (SPL) and SOL tokens. With this, users will no longer be required to use a separate address for multichain activity across NFTs, DeFi, and other activities.

The exchange’s peers are also making moves to address integration. For example, Robinhood (HOOD) announced that it planned to launch a DeFi-focused wallet by the end of the year. Coinbase said that the wallet will start the feature today and more users will get access in the coming weeks.

Featured Image: DepositPhotos © 3DSculptor

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